Ex-NEXIM Boss Jailed for Multi-Billion Naira Fraud

A federal court in Abuja has sentenced a former Managing Director of the Nigerian Export‑Import Bank (NEXIM) to 10 years in prison for fraud involving ₦2.4 billion. The court found him guilty on multiple charges of financial misconduct during his tenure.

The Economic and Financial Crimes Commission (EFCC) presented evidence that the ex-banker misused his position to divert funds and breach trust, leading to his conviction.

He was handed a 10-year jail term for each of 49 counts, totaling 490 years, though the sentences will run concurrently. The ruling highlights the judiciary’s commitment to holding high-level executives accountable for financial crimes.

The case began in November 2021 when the former MD was arraigned for alleged misappropriation and deceptive practices that resulted in substantial financial losses.

The conviction is viewed as a major step in efforts to combat corruption and reinforce financial governance within Nigeria’s banking sector.