Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has apprehended the Deputy Vice Chancellor of Madonna University, Okija, Anambra State, Professor Martin Anagboso. Authorities arrested him over grave allegations of unlawfully appropriating company shares and falsifying official records tied to Mayfresh Mortgage Bank at the Corporate Affairs Commission (CAC).
According to SaharaReporters, EFCC operatives arrested Professor Anagboso last Thursday at the Nnamdi Azikiwe International Airport in Abuja while he was reportedly preparing to board a flight to Mexico. He was en route to attend a conference organized by the International Federation of Catholic Universities (IFCU). However, his travel plans were disrupted due to the ongoing investigation into suspected financial crimes.
EFCC Probes Share Manipulation Linked to Madonna Founder
Further revelations indicated that the founder of Madonna University, Reverend Father Professor Emmanuel Edeh, who is also a principal shareholder in Mayfresh Mortgage Bank, has been interrogated by EFCC operatives. The anti-graft commission reportedly visited Elele in Rivers State to question Father Edeh concerning his alleged involvement in the manipulation of shares within Mayfresh Loans Limited.
“They interrogated the Reverend Father for more than three hours,” said a source close to the investigation on Thursday. The EFCC’s questioning focused primarily on the manipulation of ownership records and the unlawful removal of shareholder data from CAC archives.
Allegations Rooted in Petition from Edeh’s Relatives
The arrest stems from a petition allegedly submitted to the EFCC by relatives of Reverend Father Edeh himself. The complainants include the late Chief Steven Edeh, Mr. John Paul, and Mrs. Maria Omego—individuals who claimed that their rightful shares in Mayfresh Mortgage Bank were unlawfully altered and erased.
Their legal representative, Mr. Olu Omotayo, submitted a formal complaint to the EFCC chairman on May 2, 2025. The petition demanded an immediate investigation into what they described as criminal tampering with shareholding records and forgery of official CAC documentation. The complainants argued that these acts not only violated Nigerian company laws but also posed a significant threat to national development and investor trust.
Petition Highlights Violation of Nigerian Corporate Laws
The petitioners cited Section 175(3) of the Companies and Allied Matters Act (CAMA) 2020 (as amended), stressing that no resolution by a company could arbitrarily divest a shareholder of their stake. According to the law, shares remain the private property of the individual until legally transferred through due process.
In addition to the EFCC, the petition was also forwarded to the National Security Adviser, Mallam Nuhu Ribadu. The document urged the EFCC to focus strictly on the criminal elements of the case—particularly the unauthorised alteration and removal of shareholding records at the CAC—rather than diverting attention to civil matters involving the general administration of Mayfresh Mortgage Bank.
Complaint First Reported to National Security Adviser
The petitioners explained that they had initially submitted an earlier petition dated November 5, 2024, to the National Security Adviser. Following internal review, the matter was redirected to the EFCC for further investigation. They emphasized that their main concern was the criminal conduct of those responsible for tampering with corporate records and illegally appropriating their shares.
However, when the complainants met with EFCC investigators in February 2025, the focus of the investigation appeared to shift toward broader administrative concerns within the bank, rather than the alleged criminal conspiracy surrounding their shares. This diversion reportedly caused emotional distress among the petitioners, especially for 75-year-old Chief Steven Edeh, who later passed away in March 2025.
Anagboso Released on Bail Amid Pressure on Complainants
Sources confirmed that Professor Anagboso was released on Tuesday after spending five days in EFCC custody. However, even after his release, he allegedly began mounting pressure on Reverend Father Edeh, appealing to him to influence his relatives to withdraw the petition filed with the EFCC.
This maneuver has raised additional concerns among the complainants, who argue that justice must be allowed to run its course. They believe that any attempt to compromise or derail the investigation would undermine both transparency and accountability in the corporate sector.
EFCC Confirms Arrest and Ongoing Investigation
EFCC spokesperson and Deputy Commander, Mr. Dele Oyewale, officially confirmed the arrest of Professor Anagboso in a telephone conversation with SaharaReporters. He disclosed that the Deputy Vice Chancellor was indeed apprehended, questioned, and subsequently released on bail pending the continuation of the investigation.
“Yes, the commission arrested him, and after questioning and volunteering his statement, he was released on bail under specific conditions,” Oyewale stated.
As of now, the EFCC has not provided additional details about the next steps in the investigation. However, sources familiar with the matter indicated that the probe is still ongoing, with more individuals likely to be questioned in the coming weeks.
Conclusion: A Test of Corporate Integrity and Legal Enforcement
This developing case highlights the growing scrutiny on corporate governance and the enforcement of shareholder rights in Nigeria. Allegations of forgery, unauthorized manipulation of shareholding data, and pressure to subvert justice pose significant questions about transparency and accountability within private institutions—especially those with religious or educational affiliations.
With the EFCC confirming its involvement and pledging continued investigation, this case will serve as a litmus test for Nigeria’s commitment to curbing white-collar crime and safeguarding investor confidence. Ultimately, how authorities handle the matter may determine public trust in the country’s regulatory framework, particularly in enforcing corporate laws and protecting vulnerable shareholders from exploitation.
