Lagos, Nigeria – April 15, 2025 – Justice F. N. Ogazi of the Federal High Court in Ikoyi, Lagos, has ruled decisively, ordering the final forfeiture of 2,041,087,747 Livingtrust Mortgage Bank Plc shares worth N6.67 billion.
Additionally, the court mandated the seizure of N42,461,096.66 and $26.44 linked to the case.
The Economic and Financial Crimes Commission (EFCC) initiated this action after filing a motion through its counsel, Ahmad A. Usman.
Consequently, the High court upheld the forfeiture as part of a broader probe into Cititrust Holdings Plc, accused of running a Ponzi scheme.
Investigators traced the shares and funds to Cititrust Holdings Plc, which acquired them from the Osun State Government via Special Purpose Vehicles (SPVs).
Moreover, the EFCC confirmed that investor funds, now deemed victims, financed these assets.
Earlier, Justice Ogazi had approved an interim forfeiture and directed a public notice in a national newspaper.
However, Cititrust Holdings Plc challenged the EFCC’s motion, submitting a counter-affidavit to retain the assets.
Ultimately, the high court dismissed Cititrust’s objection, siding entirely with the EFCC.
Accordingly, the judge ruled that victims of the Ponzi scheme must receive compensation from the forfeited assets.
Furthermore, any remaining funds will revert to the Federal Government.
This judgment underscores Nigeria’s intensified crackdown on financial fraud.
By extension, it reaffirms the EFCC’s dedication to prosecuting entities that defraud investors.
Moving forward, stakeholders anticipate further developments, particularly regarding the case’s impact on Nigeria’s financial sector.
Meanwhile, the EFCC continues its pursuit of justice for defrauded investors nationwide.
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