Bank MD, 2 nuns, university deputy VC arrested over ₦1.2bn loan fraud
The Economic and Financial Crimes Commission (EFCC) has arrested four prominent individuals, including a bank managing director, two Catholic nuns, and a university deputy vice-chancellor, in connection with a ₦1.2 billion loan fraud. The suspects are accused of manipulating shareholders’ records to avoid repaying the loan.
The suspects are Rev. Sister Annette Ezekwem and Rev. Sister Getrude Okafor of Madonna University, along with Mr. Mark Egbegolu, the Managing Director of Mayfresh Mortgage Bank Limited. The principal suspect in the case, Professor Martin Anagboso, the Deputy Vice-Chancellor of Madonna University, was arrested by the EFCC two weeks earlier.
According to investigators, Professor Anagboso allegedly created a debenture in favor of Mayfresh Mortgage Bank in 2020 to secure the ₦1.2 billion loan.
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When the loan was due for repayment, he and his accomplices are accused of conspiring to illegally change records at the Corporate Affairs Commission (CAC).
The fraudulent changes reportedly involved altering the names and birth dates of the bank’s majority shareholders: the late Chief Steven Edeh, Arc. John Paul, and Mrs. Maria Edeh-Omeogo.
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By doing this, the suspects allegedly intended to remove the legal shareholders’ rights to the bank, thereby diverting payment obligations and avoiding demands for repayment.
The arrests were made following a directive from the National Security Adviser (NSA), Malam Nuhu Ribadu, who ordered the EFCC to investigate the unlawful tampering of Mayfresh’s records at the CAC.
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An EFCC source said the suspects face charges of forgery, fraud, and economic sabotage, with ongoing investigations to find other accomplices.
The Rule of Law and Accountability Advocacy Centre (RULAAC) has condemned the alleged fraud and urged for a swift prosecution.
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Its Executive Director, Dr. Okechukwu Nwanguma, stated, “The principal suspect and all identified accomplices should be charged to court without delay. Authorities must ensure that this case is not compromised or swept under the carpet. Prompt prosecution will send a strong message that Nigeria will not tolerate economic sabotage.”
As of Monday, attempts to get comments from the arrested individuals were unsuccessful, as calls and text messages to their mobile phones went unanswered.
Mayfresh Mortgage Bank Limited has recently faced scrutiny over governance and ownership disputes. The latest development highlights ongoing concerns about fraudulent practices in the banking sector and the manipulation of CAC records to evade accountability.
The EFCC has stated that more information will be released as the investigation continues.
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