Justice Olutoyin Ipaye remanded the 39-year-old defendant in the custody of the anti-graft agency after his arraignment alongside his company, Ocean Energy Trading Services Ltd.
The defendant would remain in custody pending the ruling on his application for bail fixed for Nov.12.
Mr. Egube, who lives at No. 2b, Ogalade Close, Victoria Island, Lagos, is facing an 18-count charge bordering on obtaining money under false pretences.
The EFCC counsel, Ben Ubi, said Mr. Egube committed the offences between July 2007 and March 2008 while he was manager of Oceanic Bank, Eleganza Branch in Apapa, Lagos.
Mr. Ubi said he obtained money in various installments from Sanisu Kamba and his company, Aminu Gandi Petroleum Ltd.
He said the defendants claimed the money represented part payments for the supply of petroleum products to the complainants.
According to him, Mr. Egube, after obtaining the money, failed to supply the products as agreed.
Mr. Ubi said the offences contravened Section 1(3) of the Advanced Fee Fraud and other Fraud Related Offences Act of 2006.
The offence of obtaining money on false pretences attracts a maximum of seven years imprisonment on conviction.
Mr. Egube, however, pleaded not guilty to the charge.