49 COUNTS, 490 YEARS: APPEAL COURT LEAVES EX-NEXIM BOSS’ FRAUD CONVICTION INTACT

COURT OF APPEAL UPHOLDS ROBERT ORYA’S CONVICTION ON ALL 49 FRAUD COUNTS

The Court of Appeal has upheld the conviction of former Managing Director of the Nigerian Export-Import Bank, NEXIM, Robert Orya, on all 49 counts arising from a ₦2.4 billion fraud case prosecuted by the Economic and Financial Crimes Commission.

The appellate decision reinforces the February 2026 judgment of the FCT High Court, Abuja, which found Orya guilty of the charges and imposed a 10-year prison sentence on each count. The case centred on allegations of obtaining money by false pretences, forgery, advance fee fraud and abuse of office during his tenure at NEXIM Bank.

Orya, who served as NEXIM Bank managing director between 2009 and 2016, was originally arraigned by the EFCC in November 2021. The prosecution alleged that he abused his position at the government-owned development finance institution to facilitate fraudulent transactions involving billions of naira.

At the trial court, Justice F.E. Messiri held that the prosecution had established its case beyond reasonable doubt and convicted Orya on all 49 counts. The sentences were ordered to run concurrently in reports citing the judgment, meaning the effective custodial term was 10 years rather than 490 years, despite each count carrying a 10-year sentence.

The Court of Appeal’s decision now places the conviction on firmer legal ground, while underscoring the consequences of alleged abuse of executive authority within a public financial institution.

The case has significant governance and compliance implications for development finance institutions. It highlights the risks that can arise when lending authority, corporate controls, approval processes and oversight mechanisms fail to prevent senior officials from allegedly manipulating institutional resources.

For financial institutions, the prosecution also reinforces the importance of segregation of duties, independent approval structures, beneficial ownership checks, documentary verification and effective internal audit systems, particularly where politically exposed persons or senior executives have authority over large-value transactions.

The appellate affirmation adds another high-profile conviction to the EFCC’s recent enforcement record. The commission has repeatedly cited the Orya case, alongside convictions involving former Minister of Power Saleh Mamman and former Acting Accountant-General Chukwunyere Nwabuoku, as evidence of intensified prosecution of complex financial crimes.

The decision also sends a wider message to executives of government-owned financial institutions: institutional authority does not shield individuals from personal criminal liability where financial controls are allegedly abused.