A judge at the Federal High Court in Ikoyi, Lagos, has ruled that over N6.6 billion worth of shares in Livingtrust Mortgage Bank Plc, alongside N42.4 million and a small sum of foreign currency, be permanently forfeited to the Nigerian government. The assets, traced to Cititrust Holdings Plc and its affiliated companies, were linked by the Economic and Financial Crimes Commission (EFCC) to a suspected Ponzi scheme.
The ruling was made on Tuesday, April 15, by Justice F. N. Ogazi, following a request from the EFCC through its Lagos Zonal Directorate 2. The legal team, led by Ahmad A. Usman, had previously secured an interim forfeiture order in May 2024. A public notice was subsequently issued in a national newspaper, as confirmed by EFCC spokesperson Dele Oyewale.
According to the EFCC, Cititrust initially bought the shares from the Osun State Government using Special Purpose Vehicles (SPVs). These shares were later consolidated and moved under the name of Cititrust Holdings Plc.
Despite efforts by Cititrust to stop the forfeiture, the court rejected their application. Justice Ogazi upheld the EFCC’s position and granted the final forfeiture order.
The court also ruled that the seized assets should be used to compensate the victims of the scheme. Any remaining balance is to be transferred to the Federal Government of Nigeria.
