EFCC arrests Mayfresh Mortgage Bank MD and questions two Catholic sisters over alleged share fraud.
The investigation centers on suspected falsification of records at the Corporate Affairs Commission.
The Economic and Financial Crimes Commission (EFCC) has arrested the Managing Director of Mayfresh Mortgage Bank, Mark Egbegolu, and questioned two senior Catholic Sisters of Jesus the Saviour (SJS), Rev. Srs. Annette Ezekwem and Gertrude Okafor in connection with the alleged theft of company shares and falsification of records at the Corporate Affairs Commission (CAC).
Egbegolu was arrested on Friday, August 8, and remains in EFCC custody. The Reverend Sisters were detained on Wednesday, August 13, but released the following day on bail to Reverend Father Edeh after spending a night in detention.
The arrests are part of an expanded EFCC investigation into claims that shares in Mayfresh Mortgage Bank were fraudulently altered in CAC records with the help of certain commission staff. The petition prompting the probe was filed by relatives of Rev. Fr. Edeh, whose shareholdings were allegedly erased.
The petition, submitted on May 2, 2025, by lawyer Olu Omotayo, claimed that the shareholdings of the late Chief Steven Edeh, Mr. John Paul, and Mrs. Maria Edeh-Omego were illegally taken away. The petitioners argued that under Section 175(3) of the Companies and Allied Matters Act (CAMA) 2020, ownership cannot be stripped without lawful transfer, even by company resolution.
They urged the EFCC to investigate the criminal aspect of the alleged unauthorized record changes rather than focus on civil disputes over bank administration. The petitioners further alleged that the EFCC early change in investigative focus caused distress that they believe played a role in the death of 75-year-old Edeh in March 2025.
EFCC spokesperson Dele Oyewale confirmed the arrests and said the matter remains under investigation. “Yes, the commission arrested them, and an investigation is going on,” he stated.
