Justice F. N. Ogazi of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of 2,041,087,747 units of shares in Livingtrust Mortgage Bank Plc (formerly Omoluabi Mortgage Bank Plc), valued at ₦6,674,356,932.69.
In addition, the court ordered the final forfeiture of ₦42,461,096.66 and $26.44, all traced to Cititrust Holdings Plc and its subsidiaries.
The ruling followed a motion on notice filed by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC), located on Okotie Eboh Street, Ikoyi, Lagos, through its counsel, Ahmad A. Usman.
Justice Ogazi had previously granted an interim forfeiture order and directed that it be published in a national newspaper, inviting any interested parties to show cause why the assets should not be permanently forfeited to victims of the alleged fraud.
While moving the application for final forfeiture, Usman informed the court that Cititrust Holdings Plc and its subsidiaries had been publicly named in connection with a Ponzi scheme investigation. He explained that the assets in question were acquired using funds sourced from multiple investors.
“The shares were initially purchased from Osun State Government by Cititrust, using some SPVs and later harmonised and transferred to the name of Cititrust Holdings Plc,” he added.
Cititrust Holdings Plc, the respondent in the case, opposed the EFCC’s application for final forfeiture by filing a motion and an affidavit to show cause.
However, in his ruling, Justice F. N. Ogazi dismissed Cititrust’s objections, finding merit in the EFCC’s application.
The court subsequently ordered the final forfeiture of 2,041,087,747 units of shares in Livingtrust Mortgage Bank Plc, along with the sums of ₦42,461,096.66 and $26.44, to be returned to the victims.
Justice Ogazi further directed that the affected victims be compensated accordingly, and any remaining balance, if any, be forfeited to the Federal Government of Nigeria
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