* Sentence Sends Shockwaves Through Development/Specialised Financial Institutions
Roberts U. Orya, former Managing Director and Chief Executive Officer of the Nigerian Export-Import Bank (NEXIM), has been sentenced to a combined 490 years in prison following his conviction over a multi-billion-naira fraud case.
The judgment by Justice F.E. Messiri of the Federal Capital Territory (FCT) High Court, delivered on Thursday, February 5, 2026, marks one of the most significant convictions involving a former head of a Nigerian development finance institution in recent years.
The conviction has u settled the financial system, particularly, within the specialised and development banks, funded by public money.
Orya was handed 10 years’ imprisonment on each of the 49 counts filed against him by the Economic and Financial Crimes Commission (EFCC). The court, however, ruled that the sentences will run concurrently.
Metrobusinessnews.com (MBN) checks From The Street, (FTS) revealed that the conviction has put Development and Specialised financial institutions on the edge, and their chief executives closely watching the development with keen interest.
Some analysts see the conviction of Orya as highlighting the importance of robust governance and oversight in these institutions funded by taxoayers’ money.
The analysts say the conviction serves as a wake up call for them to prioritize fraud prevention measures to avoid similar cases of financial malfeasance.
This is because, they further argue that strong governance structures are essential to prevent abuse of power and ensure accountability.
They also call on the Central Bank of Nigeria, (CBN) tighten all loose ends and as well embark on a more effective regulatory oversight, which is crucial to detect and prevent financial crimes in the development and specialised financial institutions.
” It is our hope that the severity of Orya’s sentence would serve as a deterrent to those who would engage in financial misconduct,”
Genesis Of The Case:
Orya, who served as the managing director of NEXIM between 2009 and 2016, was first arraigned in November 2021 on a 49-count charge bordering on fraud and abuse of office.
According to the EFCC, he used his position as managing director to unlawfully obtain over N1.4 billion from the bank as part of a broader N2.4 billion fraud scheme.
The anti-graft agency alleged that while Orya was serving as the managing director, he incorporated a company that used the names of non-existent persons and others without their consent to obtain loans for the company, which were not paid for many years.
He pleaded not guilty throughout the trial.
Earlier allegations and removal from office
Concerns about his leadership at NEXIM had surfaced years before his prosecution.
In 2016, he was removed from office by former President Muhammadu Buhari, who appointed Bashir Wali in an acting capacity.
Abubakar Bello later became the substantive managing director in 2017.
In 2019, the Central Bank of Nigeria (CBN) accused the bank’s past management of corruption and financial misconduct following a forensic audit ordered by the NEXIM board.
The audit, chaired at the time by then CBN Deputy Governor (Economic Policy), Joseph Nnanna, reportedly uncovered serious procedural breaches and alleged fraud tied to loan disbursements, pointing to widespread abuse in lending operations under the former leadership.
Orya denied the claims, insisting the accusations were false.
He described the allegations as “wild, inappropriate, unacceptable and untrue.”
The Court’s Ruling:
The EFCC secured the conviction on Thursday, February 5, after a prolonged trial.
Delivering judgment, the judge, F. E. Messiri, found Orya guilty on all 49 counts filed against him, bordering on fraud, abuse of office and related offences.
The court sentenced him to 10 years’ imprisonment on each count, resulting in a total sentence of 490 years.
In a statement issued on its social media handles after the judgment, the anti-graft agency said the conviction marked the conclusion of a case that exposed large-scale financial abuse at the development finance institution.
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“The EFCC, today, February 5, 2026, secured the conviction of Robert Orya, a former managing director of the Nigerian Export-Import Bank, NEXIM, for fraud amounting to about ₦2.4 billion.
“Orya, who was prosecuted by EFCC counsel Samuel Ugwuegbulam, was convicted by Justice F. E. Messiri of the FCT High Court, Abuja, and sentenced to ten years’ imprisonment on each of the 49-count charges,” the statement read.
The Man Roberts Orya:
According to Wikipedia, Orya was born in Ugwe, Benue State, Nigeria, from a poor background and a father who was physically challenged.
He later attended Benue State Polytechnic from where he got an Ordinary National Diploma after completing his studies at the Teacher’s College where he obtained a National Certificate of Education.
His profile on Wikipedia also stated that he is an alumi of Univeristy of Ibadan, but didn’t specify the type of degree or year of graduation.
He is also described as a businessman, banker, and management consultant
He served as honorary president of the Global Network of Export-Import Banks and Development Finance Institutions and assumed leadership of NEXIM’s executive management team in August 2009, a postion he held till 2016.
With Thursday’s ruling, the court brought the long-running case to a close, convicting the former bank MD on all counts filed by the anti-graft agency.
Although the cumulative sentence amounts to 490 years, the concurrent ruling means he will serve the terms simultaneously rather than consecutively.
