The Special Offenses Court in Ikeja, Lagos, has found Ugenyi Kalu, a banker based in Lagos, guilty of fraud and sentenced him to four years and two months in prison. Two of Kalu’s coworkers from NEXIM Bank were among the six witnesses the prosecution, led by attorney G.C. Ofulue, called throughout the proceedings and testified against him
In a statement released Tuesday, the Economic and Financial Crimes Commission’s (EFCC) Lagos Zonal Directorate announced that it had successfully obtained his conviction after accusing him of five counts of official corruption and gratuity.
It read, “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.”
Justice Oshodi declared in his February 12, 2025, ruling that the prosecution had shown their case beyond a reasonable doubt.
Kalu was given the appropriate penalty after the court found him guilty of four of the offenses.
He was offered the choice of paying a fine of N20,850,000 (twenty million, eight hundred fifty thousand naira) or serving his sentence in prison.