Two eye witnesses confirmed that the filmmaker indeed stole the iPhones, and that a contrary claim made by him was false.
Egbegbe, who has been granted bail in the sum of N1m released a statement claiming he was falsely accused.
According to him, the story concerning the alleged theft was part of the plans of his detractors aiming to bring his name to disrepute.
However, in an interview with Punch News, an anonymous witness has called the filmmaker a liar, claiming that he truly intended to run away with the iPhones before he was caught.
“This guy is a liar. So is he saying he had over N2m in his car and he was going to bring the money from the car?
"Why didn’t he bring the money when he entered the shop or even tell the shop attendant to hold the phones while he got the money?
"The guy really wanted to outsmart the shop attendant but his luck ran out. That why we beat him silly."
Another witness named Onyeka said a SUV driver aided in the capture of Egbegbe, who would have made away with the phones if not for such intervention.
“I was around when it happened and the man cannot deny it. It happened and the man stole the phones.
"If it did not happen, why did he have a bloodied mouth? Those guys outside were the ones that beat him but they did not beat him up to stupor, they just ‘touched him small’.
"At about 11am, the man came to the store claiming that he wanted to buy some phones.
"He had spoken to the sales girl but all of a sudden, he told them to pack the phones for him and that he would give them the money in his vehicle.
"As he got to his vehicle, he put the phones in the car and instead of him to bring out the money; he entered the vehicle which was already in motion. He was not alone in the car.
“The sales rep had to raise the alarm that the man was leaving with the goods.
"An SUV that was in front of his car had to stop to ensure that he did not run away with the phones and that was how they caught up with him and those with him in the vehicle.
"If the SUV was not there, they would have absconded with the phones because the road was very free. He was already inside the car and the car was in motion.
"I think there were about two other people in the car with him.
"The vehicle was in motion and ready to zoom off, yet he claimed that he wanted to give someone money. The police came around and he was handed over to them."
Earlier reports claimed that the filmmaker is known for such acts of theft.
Information gathered by Pulse News stated that Egbegbe often engages in using a medium to perpetrate the ignoble act.