Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, April 15, 2025, ordered the final forfeiture of 2,041,087,747.00 units of Livingtrust Mortgage Bank Plc (formerly known as Omoluabi Mortgage Bank Plc), valued at ₦6,674,356,932.69.
The court also ordered the final forfeiture of ₦42,461,096.66 and $26.44.
The shares and funds in the accounts were traced to Cititrust Holdings Plc and its subsidiaries.
The judge issued the order following a motion on notice filed by the Lagos Zonal Directorate 2 of the EFCC, Okotie Eboh, Ikoyi, Lagos, through its counsel, Ahmad A. Usman.
Justice Ogazi had earlier granted an interim forfeiture of the properties and ordered that the said order be published in a national newspaper, inviting interested parties to show cause why the assets should not be finally forfeited to the victims.
While moving the application for final forfeiture, Usman stated that the Commission had named Cititrust Holdings Plc and some of its subsidiaries as entities being prosecuted for operating a Ponzi scheme.
He noted that the properties were discovered to have been acquired using funds from multiple investors.
“The shares were initially purchased from the Osun State Government by Cititrust, using some SPVs, and were later harmonized and transferred to the name of Cititrust Holdings Plc,” he added.
Cititrust Holdings Plc, however, opposed the EFCC’s application for final forfeiture through a motion and an affidavit.
In his ruling, the judge dismissed Cititrust’s motion and affidavit, finding merit in the EFCC’s application.
Consequently, the court ordered the final forfeiture of the 2,041,087,747.00 units of Livingtrust Mortgage Bank Plc shares, along with the ₦42,461,096.66 and $26.44, to the victims.
The judge further directed that the victims be paid what is due to them, and that any remaining balance be forfeited to the Federal Government of Nigeria.