Alleged N10 Billion Investment Promise

For Promise Egwim, the prospect of securing a N10 billion investment in his real estate company, Profilled World Homes, appeared to offer a major breakthrough to expand his operations. However, the anticipated financial milestone has instead led to a criminal trial, with the businessman detailing before a court how he allegedly lost N238.6 million in the process.

Egwim, testifying as Prosecution Witness One (PW1) in the trial of Queen Oluchi Duruibe at the Federal Capital Territory (FCT) High Court in Apo, Abuja, explained how he parted with the funds. He told the court that the payments were made as part of an agreed 10 per cent commission to facilitate the proposed capital injection.

According to the prosecution's case, the transaction failed to deliver the promised funding. Instead, the N238.6 million disbursed by Egwim became the foundation of criminal proceedings against Duruibe, who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) over alleged investment fraud and obtaining money under false pretences.

Pressure, Guarantees, and Broken Pledges

Recounting the circumstances surrounding the payments, Egwim testified that the defendant presented herself as an intermediary capable of connecting his company with high-profile investors. He told the court that the opportunity was framed as urgent, with the defendant insisting that any delay in releasing funds would jeopardize the entire arrangement.

The total sum of N238,600,000 that I gave her was part of the 10 percent of N10 billion investment she promised to bring for my company.

— Promise Egwim, Prosecution Witness One, Profilled World Homes

She even said that there was already a N3 billion investment on the ground on that day and that if I didn’t release the money, she would not be able to bring the deal.

— Promise Egwim, Prosecution Witness One, Profilled World Homes

The witness stated that he was initially hesitant to issue payments but was pressured into approving the transactions.

I did not want to approve the cheque but she pressured me to speak with my account officer to approve the cheque.

— Promise Egwim, Prosecution Witness One, Profilled World Homes

Egwim further testified that the defendant offered alternative security in the event that the investment did not materialize, promising to supply building materials to offset the amount.

She even promised that she will supply bags of cement worth the amount if she is unable to deliver which she did not.

— Promise Egwim, Prosecution Witness One, Profilled World Homes

The money belongs to my company Profilled World Homes.

— Promise Egwim, Prosecution Witness One, Profilled World Homes

Financial Disbursements and Petition

The case originated from a formal petition alleging that Duruibe held herself out as a real estate investment facilitator who could assist Egwim in sourcing capital for Profilled World Homes. Acting on these representations, Egwim authorized the disbursement of funds to the defendant.

The payments reportedly included two Zenith Bank cheques valued at N97 million and N41 million, alongside additional cash disbursements and bank transfers, bringing the total sum to N238.6 million.

Despite the release of the funds, the promised N10 billion investment never materialized, and the petitioner alleged that the defendant refused to refund the monies. For Egwim, the legal battle centers on recovering the substantial corporate assets released in anticipation of the business deal.

Four-Count Charge Before the Court

The EFCC arraigned Duruibe on April 30, 2026, on a four-count charge bordering on investment fraud and obtaining money under false pretences involving the sum of N238.6 million.

The trial continued on Thursday, October 15, 2026, before Justice Y. Halilu of the FCT High Court, Apo, Abuja, with Egwim undergoing cross-examination by defence counsel, O.R. Odisa. During the hearing, the witness maintained his account concerning the commission agreement, the pressure to release funds, and the unfulfilled promise of cement supplies.

The defendant has not been convicted of the charges, and the allegations remain subject to judicial determination. Justice Halilu adjourned the matter until November 25, 2026, for the continuation of trial.