Edo Court Sentences Businesswoman to 9 Months for N20m Mortgage Scam

BENIN CITY – Justice W.I. Aziegbemhin of the Edo State High Court in Benin City has sentenced businesswoman Ifeoma Joy Bogamhe, proprietor of Zemehse Global Enterprise, to nine months in prison for fraudulently double-mortgaging a property to secure loans totaling N20 million.

The conviction, handed down on Friday, March 6, 2026, stems from a two-count amended charge filed in June 2025 by the Benin Zonal Command of the Economic and Financial Crimes Commission (EFCC). Bogamhe was arraigned for fraudulent disposition of mortgaged property and obtaining money by false pretenses.

She initially pleaded not guilty, leading to a full trial. The first count accused her of knowingly re-mortgaging a property—already pledged to Standard Life Organization—without disclosure or consent, securing a N10 million loan from Wema Bank on March 16, 2023. This violated Section 299 of the Criminal Law of Edo State, 2022.

The second count alleged she obtained the Wema Bank loan by falsely claiming the property was free of encumbrances, breaching Section 1(1)(b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Trial and Evidence
EFCC prosecution counsel Salihu Ahmed called three witnesses: investigating officers Muhammed Abubakar and Sani Adamu, plus a bank representative. Nine documents, including mortgage agreements and loan disbursement records, were admitted as evidence.

Justice Aziegbemhin convicted Bogamhe on February 27, 2026, but deferred sentencing. On Friday, she received nine months imprisonment on count one, with an order for full restitution to Standard Life Organization—the original complainant. Bogamhe was discharged on count two.

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The Fraud Unraveled
Investigations revealed Bogamhe first mortgaged her property to Standard Life for a N20 million facility in 2022. She then secretly used the same asset as collateral for N10 million from Wema Bank in March 2023. Defaulting on the first loan exposed the double-dipping when Standard Life moved to foreclose, only to clash with Wema Bank’s claim.

EFCC records note Zemehse Global Enterprise, registered in Benin, deals in trading and real estate. This case echoes a rising trend of mortgage fraud in Edo State, where the commission reported over 15 similar convictions in 2025 amid Nigeria’s credit crunch (per EFCC annual stats).

Standard Life Organization, a microfinance firm licensed by the Central Bank of Nigeria, specializes in SME loans. Wema Bank, a commercial lender, has flagged multiple collateral disputes in recent filings with the Nigerian Exchange (NGX).

Bogamhe, in her late 40s and a Benin resident, was remanded pending restitution. The EFCC hailed the ruling as a deterrent, urging property owners to verify titles via the Edo State Geographic Information Service (EDOGIS).

This judgment underscores ongoing EFCC efforts in the South-South, with Benin Zonal Command securing 28 convictions last year alone on financial crimes.