The ruling followed a motion on notice filed by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC), headquartered in Okotie Eboh, Ikoyi, Lagos, through its counsel, Ahmad A. Usman.
Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, ordered the final forfeiture of assets linked to Cititrust Holdings Plc and its subsidiaries, including over two billion shares in Livingtrust Mortgage Bank Plc and significant monetary sums.
The forfeited assets include 2,041,087,747 units of Livingtrust Mortgage Bank Plc, formerly known as Omoluabi Mortgage Bank Plc, valued at N6,674,356,932.69, as well as N42,461,096.66 and $26.44 traced to the same entities.
The ruling followed a motion on notice filed by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC), headquartered in Okotie Eboh, Ikoyi, Lagos, through its counsel, Ahmad A. Usman.
Justice Ogazi had earlier granted an interim forfeiture of the properties and mandated the publication of the order in a national newspaper.
The interim order provided an opportunity for interested parties to come forward and show cause why the assets should not be permanently forfeited.
Arguing for the final forfeiture, the EFCC counsel Usman stated that Cititrust Holdings Plc and its subsidiaries were under prosecution for operating a Ponzi scheme, adding that the shares were purchased with funds from numerous investors.
“The shares were initially purchased from the Osun State Government by Cititrust, using some SPVs (Special Purpose Vehicles) and later harmonised and transferred to the name of Cititrust Holdings Plc,” Usman explained.
Despite contesting the EFCC’s motion through a counter-motion and affidavit, the court overruled Cititrust Holdings Plc’s efforts.
Justice Ogazi ruled in favour of the EFCC, affirming that the application for final forfeiture had merit.
As a result, the judge ordered the final forfeiture of the 2,041,087,747 shares, along with the N42,461,096.66 and $26.44, to the victims of the alleged scheme.
He further directed that restitutions be made to the victims, and any remaining funds be forfeited to the Nigerian Government.
Sahar Reporters
