Esther Salifu
The Federal High Court in Ikoyi, Lagos, has approved the final forfeiture of more than ₦6.7 billion in shares and funds tied to Cititrust Holdings Plc, delivering a significant win for victims of a fraudulent investment scheme.
Justice F. N. Ogazi delivered the ruling on Tuesday, April 15, 2025, following a motion brought by the EFCC’s Lagos Zonal Directorate 2 through counsel Ahmad A. Usman. The judgment mandated the forfeiture of 2,041,087,747 units of shares in Livingtrust Mortgage Bank Plc formerly Omoluabi Mortgage Bank Plc valued at ₦6.67 billion, along with ₦42.46 million and $26.44 in related accounts.
The EFCC revealed that the shares, originally acquired by Cititrust through special purpose vehicles (SPVs) from the Osun State Government, were funded using proceeds from a fraudulent investment scheme operated by Cititrust Holdings Plc and its subsidiaries.
“Investigation revealed that Cititrust Holdings Plc and its subsidiaries operated as a Ponzi scheme, defrauding several unsuspecting investors,” the EFCC said in an official statement posted on its X (formerly Twitter) account.
The anti-graft agency noted that the court had earlier issued an interim forfeiture order and directed its publication in a national newspaper. No legitimate claimant stepped forward to dispute the EFCC’s findings, solidifying the case for a final forfeiture.
Although Cititrust filed a motion opposing the forfeiture, the court dismissed its claims, citing overwhelming evidence presented by the EFCC. Justice Ogazi ruled that the seized assets were indeed acquired through fraudulent means and should be redirected to benefit the victims.
“The victims be paid what is due to them, and the remainder, if any, be forfeited to the Federal Government of Nigeria,” the judge declared.
The ruling is seen as a landmark judgment in the EFCC’s campaign against investment fraud, with the commission reiterating its commitment to delivering justice.
“The EFCC remains resolute in its fight against economic and financial crimes and will continue to pursue justice on behalf of all Nigerians defrauded by criminal investment schemes,” the agency said.
