Robert Orya, former managing director, Nigerian Export-Import Bank, (NEXIM), has been sentenced to a cumulative 490 years’ imprisonment over a N2.4 billion fraud, following his conviction by a Federal Capital Territory (FCT) High Court in Abuja.

The conviction was secured  by the Economic and Financial Crimes Commission (EFCC). Justice F. E. Messiri sentenced Orya to 10 years’ imprisonment on each of the 49 counts brought against him, with the sentences running cumulatively.

Orya, who headed NEXIM Bank between 2011 and 2016, was prosecuted by Samuel Ugwuegbulam, EFCC counsel.

The anti-graft agency accused him of fraudulently diverting funds belonging to the bank—charges the court held were proven beyond reasonable doubt.

Delivering judgment, Justice Messiri ruled that the prosecution successfully established its case, finding the former bank chief guilty on all 49 counts of fraud.

The conviction has been widely linked to the renewed momentum within the EFCC under Mr. Ola Olukoyede, its Chairman, whose leadership has seen a reinvigoration of the agency’s resolve to pursue high-profile corruption cases to their logical conclusion.

Since assuming office, Olukoyede has repeatedly vowed that no individual, regardless of status or past influence, would be shielded from accountability.

Under his stewardship, the EFCC has intensified the prosecution of complex financial crimes, particularly cases involving public institutions and large-scale diversion of funds.

Observers say the sentencing of a former chief executive of a government-owned bank underscores the EFCC’s determination to restore public confidence in the anti-corruption fight and sends a strong signal that financial misconduct will attract severe consequences.

The judgment is regarded as one of the most significant convictions secured against a former banking chief in recent years, reinforcing the agency’s resolve to clamp down on economic crimes within Nigeria’s financial sector.

During his tenure at NEXIM Bank, Orya was initially credited with efforts to reposition the institution to support non-oil exports and improve its financial standing after earlier setbacks.

However, his administration later became enmeshed in controversies, including allegations of loan disbursement irregularities and procedural abuses.

The case, which culminated in Thursday’s judgment, centred on findings that Orya diverted public funds estimated at N2.4 billion—offences that ultimately led to his conviction and lengthy prison sentence.

Zacch Adedeji, chairman of the Nigeria Revenue Service (NRS) has called for a paradigm shift in dependence on raw material exports to one that embrace ideas, innovation and the production of complex products as a pathway to sustainable economic growth and national prosperity.

Adedeji made the submission while delivering the maiden distinguished personality lecture of the Faculty of Administration, Obafemi Awolowo University (OAU), Ile-Ife, Osun State, on Thursday.

A statement by his Special Adviser on Media, Dare Adekanmbi, said Adedeji, in the lecture entitled, ‘From Potential to Prosperity: Export-led Economy’, stressed the need to rethink growth through the lens of complexity by not just producing more of the same stuff.

He lamented that Nigeria possesses a high-tech oil sector and low-productivity informal sector as well as lacking “the vibrant, labour-absorbing industrial base that serves as a bridge to higher complexity.”

The NRS boss stated that Nigeria witnessed stagnation in its exportation drive for three decades between 1998 to 2023, and only added six new products in its export basket list between 2008 and 2023.

“Because of our current position, the Harvard Atlas concluded that we are positioned to take advantage of very few opportunities to diversify using what we already know.”

Adedeji urged Nigeria to learn from the world by comparative study of success and failure like Vietnam, Bangladesh, Indonesia, South Africa and Brazil.

“We are not just looking at numbers in a vacuum; we are looking at the strategic choices made by nations like Vietnam, Indonesia, Bangladesh, Brazil, and South Africa over the same twenty-five-year period. While there are many ways to under perform, the path to success is remarkably consistent: it is defined by a clear strategy to build economic complexity.

“When we put these stories together, the divergence is clear. Vietnam used global trade to build a resilient, complex economy, while the others remained dependent on natural resources or a single low-tech niche.

“There are three big lessons here for us in Nigeria as we think about our roadmap. First, avoiding the resource curse is necessary, but it is not enough. You need a proactive strategy to build productive capabilities.

“Vietnam’s success came from integrating itself into Global Value Chains (GVCs). They positioned themselves as the assembly hub for the world’s electronics, importing high-tech parts and exporting finished products.

“This allowed them to “borrow” technology and management skills from abroad to build their own know-how.

“Nigeria, on the other hand, remains a supplier of raw materials to these chains, not an active participant within them. We must realise that productive capabilities are not permanent. The examples of South Africa and Brazil show us that you can actually lose your industrial edge if you are not careful. Over-reliance on the easy path of resource extraction creates economic and political incentives that crowd out the difficult, long-term work of building an industrial base.”

He added that for Nigeria, which is at an even earlier stage of development and even less diversified than these nations, the warning is stark.

“Relying solely on our natural endowments isn’t just a path to stagnation; it’s a path to regression. The global economy increasingly rewards knowledge and complexity, not just what you can dig out of the ground. If we want to move from potential to prosperity, we must stop being just a source of raw materials and start being a source of ideas, innovation, and complex products.

He added that President Bola Tinubu has already begun the difficult work of rebuilding the economy to ensure collective knowledge to innovate, produce and build a resilient economy.

“The journey from potential to prosperity is not a short one, but with the right map and the right resolve, it is a journey we can finally complete,’ he added.

The Chartered Institute of Directors Nigeria (CIoD Nigeria) and the National Institute for Policy and Strategic Studies (NIPSS) have signed a memorandum of understanding (MoU) on capacity building, governance advocacy and leadership development across the public and private sectors.

The move, the institutes said, is aimed at deepening ethical leadership, policy coherence and corporate governance excellence in Nigeria.

Both institutions are expected to leverage their combined expertise, resources, and national influence to strengthen the quality of leadership and governance practices that underpin sustainable national development.

The MoU was signed by the Director-General of NIPSS, Kuru, Prof. Ayo Omotayo, and the Director-General/Chief Executive Officer of CIoD Nigeria, Dr Taiwo Nolas-Alausa.

Under the MoU, the parties will jointly design and deliver training programmes, seminars, workshops, and conferences focused on corporate governance, ethical leadership, and strategic decision-making.

A major highlight of the collaboration is the customisation and delivery of CIoD Nigeria’s Company Direction Course 1 (CDC 1) for top-level technocrats, policy initiators, and executors undergoing short courses at NIPSS—providing a structured pathway into professional membership of CIoD Nigeria and the development of chartered directors.

The collaboration also provides a framework for knowledge exchange, with CIoD Nigeria sharing policy insights, research findings, and sectoral recommendations to enrich NIPSS’ policy research and national development discourse, while NIPSS mobilises its institutional goodwill and networks to promote governance education across Nigeria’s public and private sectors.

Speaking on the significance of the MoU, both institutions reaffirmed their shared belief that strong institutions, ethical leadership, and sound governance practices are critical to solving Nigeria’s complex development challenges and positioning the country for long-term growth.

The partnership, which takes effect upon execution, reflects a shared commitment to nurturing leaders of competence, character, and conscience—leaders equipped not only to manage organisations, but to shape policies and institutions that serve the national interest.