Lagos– A former banker, Ugenyi Kalu, has been sentenced to four years and two months in prison for fraud after being convicted by Justice R.A. Oshodi of the Special Offences Court in Ikeja, Lagos. The Economic and Financial Crimes Commission (EFCC) secured the conviction after Kalu was found guilty of corruption and gratification.

Kalu, who previously served as the Head of the Lagos Region at NEXIM Bank, was arraigned by the EFCC on a five-count charge of official corruption and bribery. The charges stemmed from Kalu’s actions in November 2016, when he received a bribe of N4,000,000 from one Obi Ogoh. The money was allegedly given in exchange for facilitating a loan to Ogoh’s company, Sevirg Agro-Allied Mills Ltd, through NEXIM Bank.

The EFCC’s statement, released on Facebook, highlighted the specific charge: “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 a 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, thereby committing an offence bordering on official corruption.”

Kalu had pleaded not guilty to the charges, prompting a trial in which the EFCC presented evidence and called six witnesses, including two former colleagues of Kalu at NEXIM Bank, to testify against him.

On February 12, 2025, after reviewing the case, Justice Oshodi ruled that the prosecution had proven its case beyond a reasonable doubt and convicted Kalu on four out of the five charges.

In his judgment, Justice Oshodi sentenced Kalu to four years and two months in prison. However, the convicted banker was given the option to pay a fine of N20,850,000 in lieu of serving his prison term.

The ruling marks another significant step in the EFCC’s efforts to tackle corruption and fraud within Nigeria’s financial institutions.