A banker named Ugenyi Kalu has been convicted and sentenced to four years in prison by an Ikeja Special Offences Court for involvement in fraudulent activities. The Economic and Financial Crimes Commission (EFCC) announced the conviction through a statement on its official platform. Kalu was arraigned before Justice R.A. Oshodi on five counts of official corruption and gratification, leading to his conviction.
One of the charges against Kalu involved receiving a monetary benefit of N4,000,000 for himself in relation to a loan given to a company by the Nigerian Export-Import Bank. Despite pleading not guilty, Kalu was found guilty on four charges and sentenced to four years and two months imprisonment or a fine of N20,850,000.
The EFCC had previously secured the conviction of two Keystone Bank officials, Anayo Nwosu and Olajide Oshodi, who were sentenced to five years in prison for involvement in an N855m fraud in 2019. This verdict was upheld by the Court of Appeal in Lagos in April 2024.