Court Sentences Man to Prison After Fraudulently Receiving N4 Million in His Account

• On February 12, the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) secured the conviction and sentencing of Ugenyi Kalu, a banker, for fraud
• Kalu was found guilty of receiving a N4,000,000 monetary benefit for approving a loan, and sentenced to four years and two months imprisonment or an alternative fine
• The conviction highlights the EFCC's ongoing efforts to combat corruption and uphold integrity in the banking sector

LAGOS - The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction and sentencing of Ugenyi Kalu, a banker, before Justice R.A. Oshodi of a Special Offences Court in Ikeja, Lagos, for fraud.

Kalu was arraigned on a five-count charge, encompassing official corruption and gratification.

Conviction on multiple charges

One of the charges stated that in November 2016, Kalu, while serving as the head of Lagos Region of NEXIM Bank, received a monetary benefit of N4,000,000 from Obi Ogoh, related to a loan provided to Sevirg AgroAllied Mills Ltd by NEXIM Bank.

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This act was in violation of 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.

Despite pleading "not guilty" to all the charges, Kalu was found guilty on four of the counts.

The prosecution, led by G.C. Ofulue, presented six witnesses, including two of Kalu's colleagues from NEXIM Bank, who testified against him.

Sentencing and penalties

Justice Oshodi, delivering the judgement on February 12, 2025, stated that the prosecution had proven its case beyond a reasonable doubt.

Kalu was sentenced to four years and two months imprisonment or an alternative fine of N20,850,000.

The conviction marks a significant victory for the EFCC in its ongoing efforts to combat corruption and financial crimes.

The case underscores the importance of integrity in the banking sector and serves as a stern reminder of the consequences of engaging in fraudulent activities.

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Lagos court sentences U.S. businessman to 68 years in prison

Legit.ng earlier reported that an American businessman, Marco Antonio Ramirez, has been sentenced to 68 years in prison for orchestrating a $1.6 million visa fraud scheme.

The ruling, delivered by Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, comes after a drawn-out legal battle that involved two separate cases prosecuted by Nigeria’s Economic and Financial Crimes Commission (EFCC).

Source: Legit.ng