Segun Atanda/
The Federal High Court in Lagos has fixed July 1, 2025, for the commencement of trial in a high-profile money laundering case involving CITITRUST HOLDING PLC and three of its affiliated companies.
The defendants—CITITRUST FUNDING PLC, CITITRUST CREDIT LIMITED, and CITITRUST FINANCIAL SERVICES LIMITED—are facing an eight-count charge filed by a team of prosecutors from the Economic and Financial Crimes Commission (EFCC).
According to the charge, the companies allegedly operated illegal investment management services without securing the mandatory licence from the Central Bank of Nigeria (CBN), a violation of Section 57 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The prosecution also accused the companies of failing to register their collective investment schemes with the Securities and Exchange Commission (SEC), contrary to the provisions of the Investment and Securities Act of 2007.
The charges include serious breaches of anti-money laundering regulations. Notably, CITITRUST CREDIT LIMITED allegedly failed to report three major transactions to the Nigerian Financial Intelligence Unit (NFIU) as required by law. The unreported transactions include a transfer of ₦20 million on January 7, 2021; another transfer of ₦200 million on April 4, 2021; and a ₦200 million lodgement on January 29, 2021.
Furthermore, both CITITRUST CREDIT LIMITED and CITITRUST FINANCIAL SERVICES LIMITED were said to have received ₦42 million each into their bank accounts on January 29, 2021—also without fulfilling the legal obligation to notify the appropriate authorities.
All the alleged offences are said to contravene sections of the Money Laundering (Prohibition) Act 2022 and the Investment and Securities Act 2007.
The EFCC prosecuting team comprises Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
If found guilty, the companies face severe penalties under the applicable financial and anti-corruption laws.
0Related posts:
CITITRUST Holdings Goes Public, Divests 100% Stake in CFS Plc Nigeria
$850 Million Wire Fraud: Credit Suisse Pleads Guilty in Global Criminal Conspiracy
GTB, Aderinokun’s Child in Legal Tussle
Judge Targets Stanbic-IBTC’s Jugular, Slams N50Bn Fine
FG Presents Buhari’s Scorecard
From Omoluabi to LivingTrust: A Lesson in Value Creation