In a landmark ruling that has stunned financial and legal circles, a Federal High Court in Abuja sentenced Robert Orya, the former managing director of the Nigerian Export-Import Bank (NEXIM), to 490 years in prison for multiple financial crimes.
Justice F. E. Messiri delivered the verdict on Thursday, finding Orya guilty on 49 separate counts brought against him by the Economic and Financial Crimes Commission (EFCC).
Each count carries a 10-year jail term, and the court ordered that the sentences run consecutively, culminating in the massive cumulative prison term.
The Charges: Abuse of Office and Massive Fraud
According to court documents, Orya faced charges that included criminal breach of trust, fraud, misappropriation of funds, impersonation, official corruption, and abuse of office.
The EFCC argued that these offences were committed during his tenure as managing director of NEXIM Bank between 2011 and 2016.
Prosecutors allege that Orya used his position to divert bank funds to a private company called Luxurium Leisure Services Limited.
Investigations revealed that the company was allegedly set up using fictitious identities without the consent of the individuals named.
How the Fraud Was Executed
Evidence presented in court showed that Orya approved loans totaling over ₦1.36 billion to Luxurium Leisure Services, which were never repaid.
The EFCC estimated that the broader scheme siphoned around ₦2.4 billion from public coffers.
Samuel Ugwuegbulam, representing the EFCC, explained that Orya bypassed internal controls and violated banking procedures, using the shell company as a channel to funnel public money under the guise of legitimate lending.
The Broader Impact on NEXIM Bank
NEXIM Bank was created to provide development financing to Nigerian businesses, particularly in the non-oil export sector.
By misdirecting funds, Orya’s actions undermined the bank’s mandate, potentially slowing down projects that could have boosted Nigerian exports and supported local businesses.
Legal experts note that the scale of this fraud illustrates how senior executives can exploit institutional gaps, making reforms and stricter oversight even more critical.
A Lengthy Legal Battle
Orya was arraigned in November 2021 and initially pleaded not guilty to all charges.
The case went through a multi-year trial, during which the prosecution presented documentary evidence, financial records, and witness testimonies that traced the flow of funds from NEXIM to the shell company.
Justice Messiri ruled that the EFCC had proved its case beyond reasonable doubt, leaving Orya with no option but to face the full sentence.
A Historic Ruling Against Corruption
Legal analysts describe this sentence as one of the harshest ever handed down in Nigeria for financial crimes involving a senior government-owned bank executive.
The ruling is seen as a clear message from the judiciary: corruption at the top echelons of government and public institutions will not be tolerated.
The conviction adds to a growing number of high-profile fraud cases prosecuted by the EFCC, signaling the agency’s ongoing commitment to holding former public officials and executives accountable.
What Happens Next
While the EFCC has secured this major victory, questions remain about recovering the misappropriated funds and implementing systemic reforms in NEXIM Bank to prevent similar abuses in the future.
Observers are also watching whether Orya will appeal the ruling, which could prolong the legal saga.
For Nigerians and the business community, this case underscores the importance of transparency, strong institutional oversight, and enforcement of anti-corruption laws in fostering a trustworthy financial sector.