2 days Ago By NewsDirect
By Ismail AzeezA Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of shares from Livingtrust Mortgage Bank, valued at N6.67 billion, along with additional funds totalling N42.46 million and $26.
44.The ruling came after the Economic and Financial Crimes Commission (EFCC) filed a motion, which the court upheld, stating that the shares and funds were linked to Cititrust Holdings Plc and its subsidiaries. The EFCC had previously traced the assets back to the company, which is part of an ongoing prosecution for operating a Ponzi scheme.
The motion was filed by the Lagos Zonal Directorate 2 of the EFCC, led by Okotie Eboh in Ikoyi, Lagos, with the Commission represented by its counsel, Ahmad A. Usman. Usman explained during proceedings that Cititrust Holdings and some of its subsidiaries had been implicated in fraudulent activities.
According to a statement released by Dele Oyewale, the Head of EFCC’s Media and Publicity, the court had earlier granted an interim forfeiture of the assets and ordered that the decision be published in a national newspaper. This was to allow any interested parties the chance to present reasons why the assets should not be permanently forfeited to the victims of the Ponzi scheme.The EFCC’s investigation revealed that the shares had been acquired using funds from multiple investors.
These shares were initially purchased from the Osun State Government by Cititrust through various Special Purpose Vehicles (SPVs), before being consolidated and transferred under Cititrust Holdings Plc.Cititrust Holdings contested the EFCC’s motion, filing both a motion and an affidavit to resist the forfeiture. However, Justice F.
N. Ogazi dismissed their application, ruling that the EFCC’s case was valid and merited final forfeiture.The court ordered the forfeiture of 2,041,087,747 units of Livingtrust Mortgage Bank Plc, formerly known as Omoluabi Mortgage Bank Plc, which are valued at N6.
67 billion. Additionally, the court also instructed the final forfeiture of the funds amounting to N42.46 million and $26.
44.In his ruling, Justice Ogazi directed that the victims of the Ponzi scheme be compensated from the forfeited assets. Any remaining funds were ordered to be surrendered to the Federal Government of Nigeria.
The post EFCC secures forfeiture of Livingtrust Mortgage Bank’s N6.6bn shares appeared first on Nigerian NewsDirect..
