N238.6m fraud: How woman pressured businessman with N10bn investment promise

A businessman has told an Abuja court how he allegedly lost N238.6m to Queen Oluchi Duruibe after she promised to secure a N10bn investment for his real estate company, Profilled World Homes.

The witness, Promise Egwim, disclosed this on Thursday during the trial of Duruibe, who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) over alleged investment fraud and obtaining money under false pretences.

Egwim, the prosecution’s first witness, gave the account while being cross-examined by defence counsel, O.R. Odisa, before Justice Y. Halilu of the Federal Capital Territory High Court, Apo, Abuja.

He told the court that the N238.6m was part of a 10 per cent commission he agreed to pay Duruibe for facilitating the proposed N10bn investment.

According to him, the defendant claimed that N3bn was already available for the deal and pressured him to release the money to secure the investment.

“The total sum of N238,600,000 that I gave her was part of the 10 per cent of N10bn investment she promised to bring for my company,” Egwim said.

He added that he initially did not want to approve the cheque but was persuaded by Duruibe to contact his account officer to authorise the payment.

The witness further told the court that Duruibe promised to supply bags of cement worth the amount if she failed to deliver the investment, but allegedly did not fulfil the promise.

“The money belongs to my company, Profilled World Homes,” he said.

The EFCC said Duruibe was arraigned on April 30, 2026, on a four-count charge bordering on alleged investment fraud and obtaining money under false pretences.

According to the commission, the case followed a petition alleging that Duruibe presented herself as a real estate investment facilitator who could source investors for Profilled World Homes.

The petitioner allegedly issued her two Zenith Bank cheques of N97m and N41m, alongside cash payments and bank transfers, bringing the total to N238.6m.

The EFCC alleged that Duruibe failed to provide the promised N10bn investment and had not refunded the money.

Justice Halilu adjourned the case until November 25, 2026, for continuation of trial.