N1.2 Billion Fraud: Lawyer demands prosecution of Madonna University VC, Reverend Sisters

An Enugu based lawyer, Olu Omotayo has called for the prosecution of the Vice Chancellor of Madonna University, Elele, Prof. Martin Anagboso and Reverend Sisters Annette Ezekwem and Getrude Okafor, personnel of the University,
who were involved in N1.2 billion load scam after their earlier arrest and investigation by the Economic and Financial Crimes Commission, EFCC.

The lawyer who is the Lead Counsel at the O.A. Omotayo & Associates, said others to be prosecution in the web of loan fraud are the Managing Director of Mayfresh Mortgage Bank, Aba, Abia State, Mr Mark Egbegolu.

It was recalled that they have been arrested by the Economic and Financial Crimes Commission for fraudulently tampering with shareholders’ names and dates of birth, to evade payment of the sum of N1.2bn loan obtained in 2020.

In a letter made available to journalists, dated October 2nd, 2025 and addressed to the National Security Adviser, Nuhu Ribadu, the legal practitioner noticed that since the investigation has been completed on the matter, it was expedient for the suspects to be prosecuted and arraigned in court.

The letter read, “We write to you in respect of the above-mentioned matter on behalf our clients, namely, Arch John-Paul Edeh, and Mrs. Maria Goretti Omego, to demand the immediate prosecution of Professor Martin Anagboso, the principal suspect in the alteration of shares of majority shareholders of Mayfresh Mortgage Bank Limited at the Corporate Affairs Commission.

“The arrest of the principal suspect was sequel to the directive by the National Security Adviser, Mallam Nuhu Ribadu, to the Chairman of the Economic and Financial Crimes Commission, to investigate the criminal alteration of the record of the Bank at the Corporate Affairs Commission.

“The principal suspect, Professor Martin Anagboso, is the Deputy Vice Chancellor of Madonna University, which created a debenture in favour of Mayfresh Mortgage Bank Limited to secure a N1.2 Billion loan in 2020. In a bid not to repay the loan obtained from the bank, the principal suspect, in connivance with some persons, altered the record of shareholdings of majority shareholders of the bank at the Corporate Affairs Commission, to silence the vocal shareholders who were demanding the repayment of the loan facility granted to Madonna University.”

It added, “This action of the suspect and his collaborators in altering records at a National Institution like the Corporate Affairs Commission is an act of Economic Terrorism against our clients and the Nigerian State, which should not be allowed to go unpunished.

“We submit that since the investigation has been completed in this matter, we demand the immediate prosecution of Professor Martin Anagboso (who we were informed is planning to abscond outside the country) and his accomplices.

“As a serious country ready to restore the confidence of investors, this case should not be swept under the carpet or compounded. The principal suspect and his cohorts should be made to face the full wrath of the law and charged to court forthwith.”