The Rule of Law and Accountability Advocacy Centre (RULAAC) has called on the Economic and Financial Crimes Commission (EFCC) to promptly prosecute a key suspect arrested in connection with the alleged unlawful alteration of company records for Mayfresh Mortgage Bank Limited.
The suspect, identified as Professor Martin Anagboso, is the Deputy Vice-Chancellor of Madonna University.
According to RULAAC’s letter to the EFCC Chairman, Professor Anagboso’s arrest follows a directive from the National Security Adviser, Mallam Nuhu Ribadu. The letter, which was sent to news outlets, alleges that Professor Anagboso, in collaboration with others, manipulated the shareholding records of Mayfresh Mortgage Bank at the Corporate Affairs Commission (CAC).
The motive for this alleged crime was to avoid repaying a ₦1.2 billion loan that Madonna University secured from the bank in 2020.
RULAAC’s Executive Director, Okechukwu Nwanguma, stated in the letter that this type of criminal interference with a national institution, such as the CAC, amounts to economic sabotage. He commended the NSA and the EFCC for their swift action and urged the commission to broaden its investigation to include all accomplices.
The advocacy group emphasised that a transparent and speedy prosecution of the case is crucial to restoring investor confidence in Nigeria’s corporate governance environment. RULAAC’s letter highlights that the Companies and Allied Matters Act 2020 only allows for shares to be transferred through sale or gift, making any other method of alteration unlawful.
In its letter, RULAAC demanded that the EFCC charge Professor Anagboso and his accomplices to court without delay and ensure the case is not compromised.
The group stressed that a decisive prosecution would send a strong message that Nigeria is committed to protecting lawful business interests and will not tolerate economic sabotage.
