THE Economic and Financial Crimes Commission (EFCC) has arrested three top figures, including two Catholic nuns and a bank chief, over alleged fraudulent manipulation of shareholders’ records in a bid to evade repayment of a ₦1.2 billion loan.
The arrested suspects are Rev. Sister Annette Ezekwem and Rev. Sister Getrude Okafor, both personnel of Madonna University, Elele, Rivers State, and Mr. Mark Egbegolu, the Managing Director of Mayfresh Mortgage Bank Limited, Aba, Abia State.
Investigations revealed that the principal actor behind the deal, Professor Martin Anagboso, Deputy Vice-Chancellor of Madonna University, had earlier been arrested by the EFCC two weeks ago for allegedly orchestrating the fraudulent process.
According to investigators, Prof. Anagboso allegedly created a debenture in favour of Mayfresh Mortgage Bank in 2020 to secure a ₦1.2 billion loan. However, when it came time to repay the facility, he and his accomplices allegedly conspired to tamper with records at the Corporate Affairs Commission (CAC).
The fraudulent alteration reportedly targeted the names and dates of birth of Chief Steven Edeh (late), Arc. John Paul, and Mrs. Maria Edeh-Omeogo, who are majority shareholders of the bank.
By stripping these lawful shareholders of their rights, the suspects allegedly sought to divert payment obligations and suppress demands for repayment.
The arrests followed 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.
An EFCC source said the suspects face charges of forgery, fraud, and economic sabotage, stressing that further investigations are underway to track accomplices still at large.
The Rule of Law and Accountability Advocacy Centre (RULAAC) condemned the alleged fraud and urged swift prosecution.
Its Executive Director, Dr. Okechukwu Nwanguma, said: “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.”
Efforts to obtain comments from the arrested individuals proved abortive. Calls and text messages to their mobile lines, including those of Prof. Anagboso and Mr. Egbegolu, were unanswered as at press time on Monday.
Mayfresh Mortgage Bank Limited has in recent years faced scrutiny over governance and ownership disputes. The latest development underscores concerns about fraudulent practices in the banking sector and the manipulation of CAC records to frustrate accountability.
The EFCC said further updates will be made public as investigations continue.
