Banker Gets Over Four Years In Prison For ₦4M Fraud In Lagos

A former banker, Ugenyi Kalu, has been sentenced to four years and two months in prison by the Ikeja Special Offences Court after being found guilty of fraud-related charges.

The Economic and Financial Crimes Commission (EFCC) announced the conviction in a statement on its official X (formerly Twitter) page on Tuesday. Kalu was charged with five counts of official corruption and gratification before Justice R.A. Oshodi.

According to one of the charges,“That you, Ugenyi Kalu, sometime in November 2016 in Lagos, while serving in a bank, received a monetary benefit of ₦4,000,000 from one Obi Ogoh in connection with a loan granted to an Agro Mills by your Bank. This act is contrary to Section 8(1)(a) of the Corrupt Practices and Other Related Offences Act, 2000, and is punishable under Section 8(1)(b)ii of the same law.”

Despite pleading not guilty, Kalu faced a full trial where six witnesses, including two of his former colleagues, testified against him. The prosecution, led by G.C. Ofulue, successfully convinced the court that Kalu had engaged in fraudulent activities.

Delivering judgment on February 12, Justice Oshodi ruled that “The defendant is convicted on four of the charges and sentenced to four years and two months imprisonment or a fine of ₦20,850,000.”