Banker Sentenced To Four Years In Prison For Fraud
A Lagos-based banker, Ugenyi Kalu, has been convicted and sentenced to four years and two months in prison for fraud by Justice R.A. Oshodi of the Special Offences Court, sitting in Ikeja, Lagos.
The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), in a statement on Tuesday, said it secured his conviction after charging him with five counts of official corruption and gratification.
One of the charges against him read: “That you, Ugenyi Kalu sometime in November 2016 in Lagos within the Lagos Judicial Division being the head of Lagos Region of NEXIM Bank, received monetary benefit for yourself in the sum of N4,000,000 (Four Million Naira) from one Obi Ogoh on account of the loan availed to his company Sevirg AgroAllied Mills Ltd by NEXIM Bank.
“Thereby committed an offence bordering on official corruption contrary to Section 8(1)(a) of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under Section 8(1)(b)ii of the same Law.”
Kalu pleaded “not guilty” to all the charges, leading to his trial. During the proceedings, the prosecution, led by counsel G.C. Ofulue, presented six witnesses, including two of Kalu’s colleagues from NEXIM Bank, who testified against him.
Delivering judgement on February 12, 2025, Justice Oshodi ruled that the prosecution had proven its case beyond a reasonable doubt.
The court found Kalu guilty on four of the charges and sentenced him accordingly.
He was given the option of serving his prison term or paying a fine of N20,850,000 (Twenty Million, Eight Hundred Fifty Thousand Naira).
The EFCC, in its reaction, reiterated its commitment to tackling financial crimes in Nigeria, warning public officials against corrupt practices.
