Court Seizes ₦6.6bn Shares, ₦42.4m in Cititrust Ponzi Scheme Crackdown

Court Seizes ₦6.6bn Shares, ₦42.4m in Cititrust Ponzi Scheme Crackdown

A Federal High Court sitting in Ikoyi, Lagos, has slammed down the gavel on a major fraud case involving Cititrust Holdings Plc.

Justice F. N. Ogazi, who presided over the case, ordered the final forfeiture of a massive 2,041,087,747 units of shares in Livingtrust Mortgage Bank Plc—previously known as Omoluabi Mortgage Bank Plc. Those shares carry a hefty price tag of ₦6.67 billion.

That’s not all. The court also ordered the final forfeiture of ₦42.46 million and a token $26.44. Investigators traced these funds to Cititrust Holdings and its network of subsidiaries.

This ruling came on Tuesday, April 15, 2025, after a motion filed by the Economic and Financial Crimes Commission (EFCC), specifically its Lagos Zonal Directorate 2. EFCC’s legal team, led by Ahmad A. Usman, pushed hard for the final forfeiture—and won.

According to the EFCC’s official statement posted on its X (formerly Twitter) page the following day, the seized assets were all tied to a dirty web of fraud. It turns out Cititrust used shell companies—referred to in court as SPVs (Special Purpose Vehicles)—to buy the shares from the Osun State Government. Later, they conveniently moved everything under Cititrust Holdings Plc’s name.

That’s fraud wrapped in legal paperwork.

The EFCC had earlier obtained an interim forfeiture order, which it published in a national newspaper. This was done to give anyone with a legitimate claim the chance to step forward. As expected, Cititrust tried to fight back. They filed a motion and an affidavit opposing the final forfeiture. But the court wasn’t having it.

Justice Ogazi ruled that the EFCC brought solid evidence to the table. No guesswork—just clear proof that the shares and funds were linked to fraudulent investment activities. In her decision, she ordered that the funds be used to compensate victims of the scam.

Here’s what she said, word for word:
“The victims be paid what is due to them and the remainder, if any, be forfeited to the Federal Government of Nigeria.”

The EFCC didn’t mince words either. In its public statement, it declared that Cititrust operated like a full-blown Ponzi scheme, cheating countless innocent investors. The commission also revealed that the seized properties and funds were directly bought with investors’ money—money that was meant for wealth creation, not destruction.

Let’s be honest: this is not a new song in Nigeria’s financial space. Fraud disguised as investment is everywhere. Cititrust Holdings Plc simply mastered the act and scaled it. But their game is up.

EFCC closed its statement with a bold promise:
“The EFCC remains resolute in its fight against economic and financial crimes and will continue to pursue justice on behalf of all Nigerians defrauded by criminal investment schemes.”

Justice Ogazi’s ruling is a rare win for victims—one that says loud and clear: criminals can’t hide behind big corporate names forever.