Court jails businesswoman nine months for N20m mortgage fraud

Justice W.I. Aziegbemhin of the Edo State High Court sitting in Benin City has sentenced a businesswoman, Ifeoma Joy Bogamhe, to nine months imprisonment for property fraud involving multiple mortgage transactions.

Bogamhe was arraigned in June 2025 by the Economic and Financial Crimes Commission (EFCC) on a two-count amended charge bordering on fraudulent disposition of mortgaged property. She initially pleaded not guilty, leading to a full trial.

According to the charges, the defendant, who is the proprietor of Zemehse Global Enterprise, allegedly re-mortgaged a property already used as collateral for a loan from Standard Life Organization without the consent of the mortgagee. Prosecutors said she later used the same property to obtain another loan from Wema Bank without disclosing the earlier mortgage agreement.

One of the charges stated that on March 16, 2023, Bogamhe knowingly re-mortgaged the property to Wema Bank despite its existing mortgage arrangement with Standard Life Organization, an act punishable under the Criminal Law of Edo State, 2022.

The second count alleged that she obtained a loan of N10 million from Wema Bank under false pretence by claiming the property used as collateral belonged to her and was free of any encumbrances, contrary to provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

During the trial, prosecution counsel Salihu Ahmed presented three witnesses, including EFCC investigating officers Muhammed Abubakar and Sani Adamu. The prosecution also tendered nine documents which were admitted as evidence by the court.

Justice Aziegbemhin had earlier convicted the defendant on February 27, 2026, but reserved sentencing until March 6. At the sentencing, the court handed Bogamhe a nine-month jail term and ordered her to restitute the complainant for the money unlawfully obtained. She was, however, discharged on the second count.

The conviction followed findings that Bogamhe first secured a N20 million loan from Standard Life Organization using her property as collateral and later used the same property to obtain another N10 million loan from Wema Bank. The fraud came to light when she defaulted on the first loan and both lenders laid claim to the same property.