When Nigerians hear the word “Yahoo,” the image that comes to mind is usually a young man with a laptop, internet scams, and fast money.
But far from the cyber cafés and WhatsApp scams lies a deeper, more dangerous version of fraud—one carried out not with laptops, but with official seals, boardroom access, and presidential appointments.
This is where the story of Roberts Orya, former Managing Director of the Nigerian Export-Import Bank (NEXIM), truly begins.
A Courtroom Reckoning in Abuja
On Thursday, February 5, 2026, the Federal Capital Territory High Court in Abuja delivered a judgment that sent shockwaves through Nigeria’s financial and political circles.
Justice F. E. Messiri found Orya guilty of 49 separate counts of bank fraud, forgery, obtaining money by false pretence, and advance fee fraud—offences involving a staggering ₦2.4 billion.
The verdict was blunt and damning: the prosecution had proven its case beyond reasonable doubt.
Orya was sentenced to 10 years’ imprisonment on each count, amounting to a theoretical 490 years in jail.
Although the court ordered the sentences to run concurrently, the symbolism was clear: this was not a minor infraction. This was systemic abuse of power.
Fraud in Suits, Not Hoodies
According to the Economic and Financial Crimes Commission (EFCC), the fraud did not happen in the shadows.
It happened inside one of Nigeria’s most strategic financial institutions, a bank meant to drive exports, support businesses, and strengthen the national economy.
While serving as NEXIM’s Managing Director, Orya allegedly used his authority to manipulate loan approvals, inducing the bank to release hundreds of millions of naira to companies under false representations.
One of the clearest examples cited by the court involved a ₦488 million loan in 2011, and another ₦630 million loan in 2013, both paid to Treasuremix Construction Limited under the pretence that Luxurium Leisure Services Limited was the legitimate beneficiary.
The court found that this pretence was false—and that Orya knew it was false.
In simple terms: front companies were allegedly used to drain public funds, while official documents gave everything a clean, respectable appearance.
This was not street fraud.
This was Abuja fraud.
The Trial That Took Years
Orya pleaded not guilty to all charges when he was arraigned in 2021, triggering a full trial that stretched over several years.
The EFCC called seven witnesses, laying out documents, transactions, and testimonies that eventually convinced the court.
Justice Messiri did not mince words. The offences, he said, represented serious breaches of trust, especially given NEXIM Bank’s role in national development.
When a bank designed to grow Nigeria’s economy becomes a pipeline for private enrichment, the damage goes far beyond money—it eats into public confidence.
From Presidential Appointment to Prison Sentence
Roberts Orya was no small figure. He was first appointed NEXIM MD in 2009 by late President Umaru Musa Yar’Adua, and later reappointed in 2014 by former President Goodluck Jonathan. He remained in office until 2016.
For years, he sat at the centre of financial power, approving loans, shaping policy, and influencing the flow of public funds.
Today, that chapter ends in a courtroom conviction.
The Bigger Question Nigerians Must Ask
This case raises an uncomfortable question Nigerians rarely confront honestly:
Why is our idea of fraud still focused on the poor and desperate, while the most expensive scams wear agbada, speak grammar, and operate through official institutions?
The Orya conviction is not just about one man. It is about a system where access, influence, and political protection can turn public banks into personal vaults—until the law finally catches up.
The EFCC has described the judgment as proof of its commitment to accountability. Many Nigerians will see it as something more: a rare moment when elite fraud faces real consequences.
The Real Yahoo
This is the real Yahoo Nigerians don’t talk about.
Not emails.
Not fake inheritances.
But boardroom fraud, executed in the heart of Abuja, with billions at stake.
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And if this can happen at NEXIM Bank, Nigerians are left wondering—how many more stories are still buried under files, signatures, and silence?