Banker sentenced to four years for fraud in Lagos

From Sola Ojo, Abuja

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction and sentencing of one Ugenyi Kalu before Justice R.A. Oshodi of a Special Offences Court sitting in Ikeja, Lagos, for fraud.

The convict, a banker, was arraigned on a five-count charge bordering on official corruption and gratification, the EFCC posted on its verified ‘X’ handle on Tuesday.

According to the commission, one of the counts reads:

“That you, Ugenyi Kalu, sometime in November 2016 in Lagos within the Lagos Judicial Division, being the head of the 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 Agro-Allied Mills Ltd, by NEXIM Bank. You 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.”

He pleaded “not guilty” to all the charges, prompting his trial. During the proceedings, prosecution counsel G.C. Ofulue called six witnesses who testified against him, including two of his co-workers at NEXIM Bank.

Delivering judgment on 12 February 2025, Justice Oshodi held that the prosecution proved its case beyond reasonable doubt and found him guilty as charged. He was convicted on four of the charges and sentenced to four years and two months’ imprisonment or a fine of N20,850,000 (Twenty Million, Eight Hundred and Fifty Thousand Naira).