Ex-NEXIM MD bags 490 years jail for N2.4bn fraud

The Federal Capital Territory High Court in Abuja has handed down a 10-year prison sentence to a former Managing Director of the Nigerian Export-Import Bank (NEXIM), Roberts Orya, over a N2.4 billion loan fraud.

Justice F. E. Messiri delivered the verdict on Thursday, after convicting Orya on 49 separate counts bordering on obtaining money by deception, forgery and advance fee fraud.

Orya, who led NEXIM Bank between 2009 and 2016, was first charged by the Economic and Financial Crimes Commission (EFCC) in 2021 over irregular loan approvals allegedly carried out during his tenure.

In his ruling, Justice Messiri held that the prosecution successfully established the offences beyond reasonable doubt, finding the former bank chief guilty on all the counts brought against him.

Although the court imposed a 10-year jail term on each of the 49 counts, amounting to a cumulative 490 years, the judge ordered that all sentences should run concurrently.

Orya had maintained his innocence throughout the trial, prompting a full hearing in which the EFCC called seven witnesses to testify against him.

Leading the prosecution, Samuel Ugwuebulam told the court that Orya exploited his position to authorise fraudulent loan disbursements to companies allegedly used as fronts to divert public funds.

One of the charges revealed that on September 21, 2011, Orya induced NEXIM Bank to release N488 million to Treasuremix Construction Limited under the false claim that Luxurium Leisure Services Limited was the actual loan beneficiary.

A similar offence was alleged to have occurred on February 19, 2013, when another N630 million was disbursed under the same deceptive arrangement.

The prosecution argued that the transactions were deliberately structured to mislead the bank, enabling the siphoning of funds meant to support Nigeria’s export sector.

Justice Messiri agreed with the prosecution, describing the acts as grave violations of trust, particularly given NEXIM Bank’s strategic role in national economic development.

Orya was initially appointed Managing Director of NEXIM Bank by late President Umaru Musa Yar’Adua in August 2009 and was reappointed in 2014 by former President Goodluck Jonathan.

Reacting to the judgment, the EFCC said the conviction underscored its resolve to pursue accountability and ensure that financial crimes involving public institutions are punished in line with the law.