Banker Sentenced to Prison for Fraud in Lagos

A Lagos Special Offences Court has sentenced Ugenyi Kalu, a banker, to four years and two months in prison for fraud. The conviction was secured by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), with Justice R.A. Oshodi delivering the judgment.

Kalu, formerly the head of the Lagos Region of NEXIM Bank, was arraigned on a five-count charge of official corruption and gratification. The EFCC accused him of receiving N4,000,000 from Obi Ogoh in connection with a loan granted to Sevirg AgroAllied Mills Ltd by NEXIM Bank. The charge was brought under the Corrupt Practices and Other Related Offences Act, 2000.

Despite pleading not guilty, the prosecution, led by counsel G.C. Ofulue, presented six witnesses, including two of Kalu’s colleagues at NEXIM Bank. The court found that the prosecution had proven its case beyond reasonable doubt. On February 12, 2025, Justice Oshodi convicted Kalu on four counts and sentenced him to imprisonment. He was also given the option to pay a fine of N20,850,000.