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Posted By Admin On February 19th, 2025

The Economic and Financial Crimes Commission has secured the conviction of a banker, Ugenyi Kalu, who was sentenced to four years in prison by an Ikeja Special Offences Court for fraud.

In a statement posted on its official X.com page on Tuesday, the EFCC announced that its Lagos Zonal Directorate secured Kalu’s conviction after his arraignment before Justice R.A. Oshodi on five counts of official corruption and gratification.

One of the charges against him stated, “That you, Ugenyi Kalu, sometime in November 2016 in Lagos within the Lagos Judicial Division, being the head of the Lagos Region of the Nigerian Export-Import Bank, received monetary benefit for yourself in the sum of N4,000,000 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 charges, leading to a full trial during which the prosecution, represented by G.C. Ofulue, called six witnesses, including two of Kalu’s former colleagues at NEXIM Bank, who testified against him.

Delivering judgement on February 12, Justice Oshodi ruled that the prosecution had proved its case beyond a reasonable doubt and found Kalu guilty as charged.

“The defendant is convicted on four of the charges and sentenced to four years and two months imprisonment or to pay a fine of N20,850,000,” the judge declared.

PUNCH Metro reports that the EFCC earlier secured the conviction of two Keystone Bank officials, Anayo Nwosu and Olajide Oshodi, who were sentenced to five years in prison for an N855m fraud in 2019, a verdict later upheld by the Court of Appeal in Lagos in April 2024.

Source: https://punchng.com/banker-bags-four-year-jail-for-fraud-in-lagos/