A Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced a banker, Ugenyi Kalu, for fraud following a case brought against him by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
This was contained in a statement issued by the EFCC today on the X account (formerly Twitter).
Kalu, who was the Head of Lagos Region at the Nigerian Export-Import (NEXIM) Bank, was arraigned on a five-count charge of official corruption and gratification. According to one of the charges, he received a monetary benefit of N4 million from a businessman, Obi Ogoh, in connection with a loan granted to Ogoh’s company, Sevirg AgroAllied Mills Ltd, by NEXIM Bank. This act, the prosecution argued, violated Section 8(1)(a) of the Corrupt Practices and Other Related Offences Act, 2000.
During the trial, Kalu pleaded not guilty to all charges, leading to a full hearing. The prosecution, led by G.C. Ofulue, called six witnesses, including two of Kalu’s colleagues at NEXIM Bank, who provided testimonies linking him to the offence.
Delivering judgment on February 12, 2025, Justice R.A. Oshodi ruled that the prosecution had proven its case beyond a reasonable doubt. The court found Kalu guilty on four out of the five charges and sentenced him to four years and two months in prison.
However, he was given an option to pay a fine of N20,850,000 instead of serving the jail term.
The statement partly read: “The convict, a banker, was arraigned on a five-count charge, bordering on official corruption and gratification”.
One of the counts reads: “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.”
“He pleaded “not guilty” to all the charges, prompting his trial. In the course of the trial, prosecution counsel, G.C. Ofulue called six witnesses who testified to his crime, two of whom were his co-workers in Nexim Bank”.
“Delivering judgement on February 12, 2025, Justice Oshodi held that the prosecution proved its case beyond every 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 to pay N20,850,000 (Twenty Million, Eight Hundred Fifty Thousand Naira) fine”
