N10bn Investment Deal: Witness Accuses Queen Duruibe of Defrauding Company of N238.6m
A businessman, Promise Egwim, has told the Federal Capital Territory High Court in Abuja how he allegedly lost N238.6 million to Queen Oluchi Duruibe in a disputed real estate investment deal.
Egwim, who testified as the first prosecution witness, gave the account on Thursday, October 15, 2026, during the continuation of Duruibe’s trial before Justice Y. Halilu at the FCT High Court, Apo.
The defendant is facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC) over alleged investment fraud and obtaining money under false pretence.
During cross-examination by defence counsel, O.R. Odisa, Egwim explained that the money was paid as part of an agreed 10 per cent commission for a proposed N10 billion investment Duruibe allegedly promised to secure for his company, Profilled World Homes.
He said the defendant convinced him that the investment opportunity was urgent, claiming that N3 billion was already available and that releasing the money was necessary to move the deal forward.
Egwim told the court that he initially hesitated to approve the cheque but was allegedly pressured by Duruibe to contact his account officer and authorise the payment.
He also disclosed that the defendant promised to compensate the company with bags of cement worth the amount if she failed to deliver the investment.
According to the witness, however, the promised investment did not materialise, and the defendant allegedly failed to honour her commitment to supply the cement or return the money.
“The money belongs to my company Profilled World Homes,” Egwim said while explaining the circumstances surrounding the payments.
The EFCC’s case followed a petition alleging that Duruibe portrayed herself as a real estate investment facilitator who could connect Profilled World Homes with prospective investors.
According to the prosecution, the petitioner allegedly paid the defendant through two Zenith Bank cheques of N97 million and N41 million, respectively, in addition to cash payments and bank transfers, bringing the total to N238.6 million.
The commission alleged that Duruibe neither secured the promised N10 billion investment nor refunded the money she received.
Duruibe was arraigned on April 30, 2026, and the trial is ongoing.
Justice Halilu adjourned the case until November 25, 2026, for continuation of proceedings.
