The Economic and Financial Crimes Commission (EFCC) has successfully secured the conviction of Ugenyi Kalu, a banker, who has been sentenced to four years and two months behind bars for fraud.
In an official statement released on its X (formerly Twitter) account on Tuesday, the EFCC confirmed that Kalu was convicted by the Ikeja Special Offences Court after facing trial before Justice R.A. Oshodi. He was arraigned on five counts related to 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.”
Despite pleading not guilty, 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.
On February 12, Justice Oshodi ruled that the prosecution had proven its case beyond a reasonable doubt, convicting 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,” Justice Oshodi declared.
This conviction adds to the EFCC’s recent successes in prosecuting financial crimes. In 2019, the commission secured the conviction 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.
