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From Sola Ojo, Abuja
On Tuesday, April 15, Justice F.N. Ogazi of the Federal High Court in Ikoyi, Lagos, ordered the final forfeiture of 2,041,087,747 units of Livingtrust Mortgage Bank Plc shares, valued at N6,674,356,932.69, along with N42,461,096.66 and $26.44 in funds.
The Economic and Financial Crimes Commission (EFCC) traced these assets to Cititrust Holdings Plc and its subsidiaries, alleging they were acquired through a Ponzi scheme.
EFCC’s Lagos Zonal Directorate 2, through counsel Ahmad A. Usman, secured the order after an interim forfeiture on 15 May 2024, followed by a public notice in a national newspaper, as stated by EFCC’s Dele Oyewale.
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Usman noted, “The shares were initially purchased from Osun State Government by Cititrust, using some SPVs and later harmonised and transferred to the name of Cititrust Holdings Plc.”
Cititrust contested the forfeiture, but Justice Ogazi dismissed their motion, finding merit in EFCC’s application.
The court directed that the forfeited assets compensate victims, with any remainder going to the Federal Government of Nigeria.
