“Investigation revealed that Cititrust Holdings Plc and its subsidiaries operated as a Ponzi scheme, defrauding several unsuspecting investors,” the EFCC said in the statement.
Justice F. N. Ogazi of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of 2,041,087,747 shares in Livingtrust Mortgage Bank Plc, valued at N6.67 billion. The court also forfeited N42.46 million and $26.44, all traced to Cititrust Holdings Plc and its subsidiaries.
The ruling, delivered on Tuesday, April 15, 2025, followed a motion by the EFCC’s Lagos Zonal Directorate 2, filed through counsel Ahmad A. Usman. According to a statement on the EFCC’s X handle, the assets were acquired with proceeds from fraudulent investments.
“The shares were initially purchased from Osun State Government by Cititrust, using some SPVs and later harmonized and transferred to the name of Cititrust Holdings Plc,” the statement read.
Justice Ogazi ruled that victims should be paid from the proceeds, with any balance forfeited to the Federal Government.