“Ifeoma Joy Bogamhe, jailed for N20M mortgage fraud. Photo: EFCC Benin Zonal Office.”
Benin City, Edo State – In a landmark ruling on Friday, March 6, 2026, Justice W.I. Aziegbemhin of the Edo State High Court sentenced Ifeoma Joy Bogamhe, a businesswoman, to nine months imprisonment for mortgage fraud involving N20 million.
Bogamhe, proprietor of Zemehse Global Enterprise, was convicted following a two-count charge filed by the Economic and Financial Crimes Commission (EFCC), Benin Zonal Office in June 2025. She had initially pleaded not guilty, prompting a full trial.
The charges revealed that on March 16, 2023, Bogamhe fraudulently used the same property as collateral to secure loans from two different financial institutions. Count one alleged that she re-mortgaged her property, already under agreement with Standard Life Organization, to Wema Bank without disclosure, in violation of Section 299 of the Criminal Law of Edo State 2022.
Count two charged her with obtaining N10 million from Wema Bank under false pretenses, claiming her property was free from encumbrances a claim proven false, in contravention of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
During the trial, EFCC prosecutors, led by Salihu Ahmed, presented three witnesses, including investigating officers Muhammed Abubakar and Sani Adamu, and tendered nine key documents. Justice Aziegbemhin had found Bogamhe guilty on February 27, 2026, but reserved sentencing until March 6.
At the Friday sitting, the court sentenced Bogamhe to nine months in prison and ordered her to restitute the defrauded sum. She was, however, discharged on count two of the charge.
The case highlights a common mortgage fraud scheme in Nigeria, where properties are used as collateral for multiple loans. Bogamhe’s actions disrupted both lenders: when she defaulted on the N20 million loan from Standard Life Organization, the bank’s attempt to reclaim the property was blocked by Wema Bank, which also held it as collateral.
This ruling serves as a strong message that the EFCC remains committed to combating financial fraud and protecting the integrity of Nigeria’s banking and mortgage systems.
Source: Economic and Financial Crimes Commission (EFCC), Benin Zonal Directorate
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