Lagos banker bags 4 years in prison term with option an of ₦20.8m fine
By Jeph Ajobaju, Chief Copy Editor
A Lagos banker, Ugenyi Kalu, has been sentenced to four years and two months in prison by the Ikeja Special Offences Court for using insider-knowledge to commit a loan fraud after receiving a N4 million bribe.
The Economic and Financial Crimes Commission (EFCC) which prosecuted Kalu announced in a statement on its official X (Twitter) handle that he was convicted after being arraigned before Justice R.A. Oshodi on five counts of official corruption and gratification.
One of the charges read:
“That you, Ugenyi Kalu, sometime in November 2016 in Lagos, while serving in a bank, received a monetary benefit of ₦4,000,000 from one Obi Ogoh in connection with a loan granted to an Agro Mills by your Bank.
“This act is contrary to Section 8(1)(a) of the Corrupt Practices and Other Related Offences Act, 2000, and is punishable under Section 8(1)(b)ii of the same law.”
Kalu pleaded not guilty but the case proceeded to a full trial.
The prosecution, led by G.C. Ofulue, presented six witnesses, including two former colleagues of Kalu from his bank, who testified against him.
The court ruled on February 12 that the prosecution had proven its case beyond a reasonable doubt and convicted Kalu on four counts.
“The defendant is convicted on four of the charges and sentenced to four years and two months imprisonment or a fine of ₦20,850,000,” Oshodi declared.
The EFCC said the conviction adds to its recent successes in prosecuting financial crimes.
It recounted that in 2019, it secured the convictions of Anayo Nwosu and Olajide Oshodi, from another bank, who were sentenced to five years in prison for their role in an ₦855 million fraud – a verdict upheld by the Court of Appeal in April 2024.
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