Businesswoman jailed for using same property as collateral for two loans

By Ayorinde Oluokun/Abuja

A businesswoman identified as Ifeoma Joy Bogamhe has been sentenced to nine months imprisonment for using the same property to obtain loan from two banks in Benin, Edo State.

According to charges filed in court by the Economic and Financial Crimes Commission, EFCC, Bogamhe first used her property as collateral to obtain a loan of N20 million from Standard Life Organization.

She later used the same property as collateral to secure a N10 million loan from Wema Bank.

However, her fraudulent dealings were discovered when she defaulted in the payment of the loan to Standard Life Organisation.

The organisation had attempted to take over the property only to be confronted by Wema Bank which also had the property as a collateral for its loan to her.

The defendant now convicted was arraigned on a two- count amended charge of fraudulent disposition of mortgage property in June 2025 by the Benin Zonal Directorate of the Economic and Financial Crimes Commission

Upon arraignment she pleaded not guilty to the charge, setting the stage for trial.

Count one of the charge reads: “That you IFEOMA JOY BOGAMHE (F) being the proprietor of ZEMEHSE GLOBAL ENTERPRISE on or about the 16th day of March, 2023, in Edo State, within the jurisdiction of this Honourable Court with intent to defraud, knowingly and willfully, without the consent of the Mortgagee (Standard Life Organization) and without disclosing the existence of a prior mortgage agreement with Standard Life Organization, re-mortgaged the same property to Wema Bank and thereby committed an offence contrary to and punishable under Section 299 of the Criminal Law of Edo State Law, 2022.

In the course of the trial, prosecution counsel, Salihu Ahmed presented three witnesses, including two investigating officers of the Commission, Muhammed Abubakar and Sani Adamu and also tendered nine documents which were admitted by the court.

Justice Aziegbemhin had on Friday February 27, 2026 convicted the defendant but reserved the sentence till Friday March 6.

At Friday’s sitting the judge sentenced Bogamhe to nine months imprisonment and also ordered the convict to restitute the complainant of the money unlawfully obtained.