WATCH THE VIDEO HERE The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate has successfully prosecuted Ugenyi Kalu, a former banker, for fraud and corruption. Justice R.A. Oshodi of the Special Offences Court in Ikeja, Lagos, delivered the verdict on February 12, 2025, convicting Kalu on multiple charges of official corruption and unlawful gratification. Kalu, who previously served as the head of Lagos Region at NEXIM Bank, faced a five-count indictment linked to illicit financial gains. One charge detailed his acceptance of N4,000,000 from Obi Ogoh, a beneficiary of a loan approved for Sevirg AgroAllied Mills Ltd by NEXIM Bank in November 2016. This act violated Section 8(1)(a) of the Corrupt Practices and Related Offences Act, 2000, punishable under Section 8(1)(b)(ii) of the same statute. Despite pleading “not guilty” to the charges, the trial proceeded, with the EFCC’s legal representative, G.C. Ofulue, presenting six witnesses. Among these were two colleagues from NEXIM Bank who corroborated the accusations against Kalu. On February 12, 2025, Justice Oshodi concluded that the prosecution had substantiated the charges beyond a reasonable doubt. Kalu was found guilty on four counts, leading to a sentence of four years and two months in prison, or the option to pay a fine of N20,850,000.
NEXIM Bank Regional Head Ugenyi Kalu Sentenced to Jail for Fraud in Lagos
