By Erewunmi Peace

The Economic and Financial Crimes Commission (EFCC) has arrested two Catholic Sisters and the Managing Director of Mayfresh Mortgage Bank over allegations of tampering with shareholders’ records at the Corporate Affairs Commission (CAC) to evade the repayment of a ₦1.2 billion loan.

According to EFCC sources, the suspects—Rev. Sister Annette Ezekwem, Rev. Sister Gertrude Okafor, and the bank’s Managing Director—were apprehended during an ongoing investigation into financial fraud involving the bank.

The anti-graft agency alleges that the suspects falsified shareholder details, including names and dates of birth, in a bid to manipulate ownership structure and obstruct legal repayment obligations.

The case is linked to the earlier arrest of Prof. Martin Anagboso, Deputy Vice-Chancellor of Madonna University, who is also facing investigation over the same allegations.

Bail & Ongoing Investigation
Reports indicate that the two Sisters were released on bail to Rev. Fr. Emmanuel Edeh, the founder of Madonna University, while the EFCC continues its probe into the matter.

EFCC stated that the actions of the suspects amount to forgery, conspiracy, and financial mismanagement, stressing that all individuals found culpable will face prosecution.

Background

Mayfresh Mortgage Bank, which is affiliated with Madonna University, has been under scrutiny following complaints of financial irregularities and loan defaults running into billions of naira.

EFCC’s Position

In a brief statement, the EFCC reiterated its commitment to ensuring accountability within Nigeria’s financial system, warning that religious status or institutional affiliation will not shield anyone from the law.