Ex-NEXIM Bank Boss Jailed 490 Years Over N2.4bn Fraud

​ABUJA – In a landmark judgment that marks the end of a five-year legal battle, the FCT High Court in Abuja has sentenced the former Managing Director of the Nigerian Export-Import Bank (NEXIM), Robert Orya, to a staggering 490 years in prison.

​The sentence follows his conviction on Thursday, February 5, 2026, for his involvement in a multi-billion naira fraud scheme during his tenure at the helm of the bank between 2011 and 2016.

​The Verdict

​Justice F.E. Messiri, presiding over the case, found Orya guilty on all 49 counts brought against him by the Economic and Financial Crimes Commission (EFCC). The charges centered on criminal breach of trust, impersonation, misappropriation of funds, and abuse of office.

​The judge sentenced the former bank chief to 10 years imprisonment for each count. While the cumulative sentence totals 490 years, the terms are expected to run concurrently, effectively resulting in a 10-year prison stay.

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​Inside the N2.4 Billion Scam

​The prosecution, led by EFCC’s Samuel Ugwuegbulam, successfully proved that Orya masterminded a scheme to siphon N2.4 billion from the state-owned bank.

​Evidence presented during the trial revealed that Orya incorporated a ghost company, Luxurium Leisure Service Limited, using the names of non-existent individuals and others whose identities were used without their consent. Under his leadership, NEXIM Bank then approved massive loans to this company—loans that were never intended to be repaid.

​A Long Road to Justice

​Orya’s legal troubles began shortly after his disengagement in 2016. Although he initially pushed back against allegations from the Central Bank of Nigeria (CBN), claiming he left the bank “healthy,” a forensic audit later exposed what investigators described as “procedural abuses fraught with high-level fraud.”

​The case took several dramatic turns over the years, including:

• ​2019: The CBN accused Orya’s management of plotting to remove a Deputy Governor to stall investigations.

• ​2021: Orya was officially arraigned and initially denied bail after the EFCC argued he had previously jumped administrative bail.
• ​2026: Final conviction following years of testimony from bank auditors and victims of identity theft.

​In her final ruling, Justice Messiri emphasized that the severity of the sentence reflects the gravity of betraying public trust in a financial institution designed to bolster the nation’s economy.