Ifeoma Bogamhe loan fraud case ends with a nine-month jail term after an Edo court found the businesswoman guilty of using one property to obtain two loans
Justice Aziegbemhin of the Edo State High Court in Benin City has sentenced businesswoman Ifeoma Joy Bogamhe, proprietor of Zemehse Global Enterprise, to nine months’ imprisonment for fraudulently using the same property to obtain loans from two financial institutions.
Also read: EFCC arraigns two FSDH Bank officials over $306,667 and €50,250 fraud
The conviction followed a prosecution by the Economic and Financial Crimes Commission which charged Bogamhe with fraudulent disposition of mortgaged property.
According to court filings, the defendant first used her property as collateral to secure a loan of N20 million from Standard Life Organisation.
Prosecutors said she later used the same property again to obtain an additional N10 million loan from Wema Bank without disclosing the existing mortgage.
The fraudulent arrangement came to light when Bogamhe reportedly defaulted on repayment to Standard Life Organisation.
When the lender attempted to take possession of the property, representatives of Wema Bank also laid claim to the same asset, revealing the double-pledged collateral.
Bogamhe was arraigned in June 2025 by the Benin Zonal Directorate of the anti-graft agency on a two-count amended charge relating to the offence.
She initially pleaded not guilty, prompting a full trial.
During the proceedings, 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.
In one of the charges read in court, the defendant was accused of knowingly remortgaging the property to Wema Bank on March 16, 2023, without the consent of Standard Life Organisation and without disclosing the earlier mortgage agreement.
The court had earlier delivered its verdict on February 27, 2026, finding Bogamhe guilty but reserving sentencing until Friday.
Delivering the final judgment, Justice Aziegbemhin imposed a nine-month prison term and ordered the convict to make restitution to the complainant for the money unlawfully obtained.
Also read: Court arraigns Richway Bank staff over N182m fraud
The ruling marks a decisive outcome in the Ifeoma Bogamhe loan fraud case, reinforcing regulatory efforts to deter mortgage-related financial crimes in the state.
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