Mark Egbegolu, the managing director of Mayfresh Mortgage Bank is currently in the custody of the Economic and Financial Crimes Commission (EFCC) over alleged theft of company shares and falsification of records at the Corporate Affairs Commission (CAC).
Egbegolu was arrested by the anti-graft agency alongside two senior Catholic Sisters of Jesus the Saviour (SJS), Rev. Sisters Annette Ezekwem and Gertrude Okafor.
The arrests are part of an expanded EFCC investigation into alleged manipulation of Mayfresh Mortgage Bank’s shareholding records at the CAC, reportedly in collaboration with some commission staff.
The EFCC had earlier also arrested the Deputy Vice Chancellor of Madonna University, Okija, Anambra State, Professor Martin Anagboso, in connection with the same case.
The petition prompting the investigation was filed by relatives of Rev. Fr. Edeh, including the late Chief Steven Edeh, Mr. John Paul, and Mrs. Maria Omego, whose shares were allegedly wiped out. Through their lawyer, Mr. Olu Omotayo, they petitioned the EFCC chairman on May 2, alleging that their shares had been stolen and CAC records altered.
They warned that the act posed a threat to national development and investor confidence, citing Section 175(3) of the Companies and Allied Matters Act (CAMA) 2020, which protects shareholder rights and binds all parties, including the CAC. They stressed that even a company resolution cannot strip an individual of share ownership without lawful transfer.
The petition urged the EFCC to focus strictly on the criminal aspects of the alleged unauthorised removal of shareholding records, rather than civil issues like the bank’s administration.
An earlier petition dated November 5, 2024, was also sent to the National Security Adviser, Mallam Nuhu Ribadu, who subsequently referred the matter to the EFCC.
The petitioners claimed that their meeting with EFCC investigators in February 2025 saw the probe shift to bank administration, ignoring their criminal complaint. They alleged that the lack of progress contributed to the distress that led to the death of 75-year-old Edeh in March 2025.
