In a major crackdown on financial crime, the Federal High Court in Lagos has ordered the final forfeiture of 2,041,087,747 units of shares in Livingtrust Mortgage Bank Plc—formerly Omoluabi Mortgage Bank Plc—worth a staggering N6.67 billion.
Also forfeited were N42.46 million and $26.44, all linked to Cititrust Holdings Plc and its subsidiaries, which are under investigation for allegedly operating a Ponzi scheme.
Justice F.N. Ogazi issued the final forfeiture order on Tuesday, following a motion filed by the Economic and Financial Crimes Commission (EFCC) through counsel Ahmad A. Usman. The EFCC had previously obtained an interim forfeiture and published notices inviting any objections—none of which held up in court.
According to Usman, the seized assets were acquired using funds defrauded from investors. He detailed how Cititrust obtained the shares from the Osun State Government via special purpose vehicles before consolidating ownership.
Cititrust made a last-ditch attempt to retain the assets, filing motions and affidavits challenging the forfeiture. The court dismissed their claims and sided with the EFCC.
Justice Ogazi ruled that the forfeited assets be used to repay defrauded investors. Any excess will go to the Federal Government.
