EFCC has dragged CITITRUST Holdings and Subsidiaries to court over alleged Multi-Billion Naira Financial Infractions.
NewsOnline Nigeria reports that the Economic and Financial Crimes Commission (EFCC) has filed an eight-count charge against CITITRUST Holdings PLC and three of its subsidiaries over alleged financial misconduct, including operating without proper regulatory approvals and failing to report high-value transactions.
The case is scheduled to commence on July 1, 2025, at the Federal High Court in Lagos.
The subsidiaries facing trial alongside the parent company are Cititrust Funding PLC, Cititrust Credit Limited, and Cititrust Financial Services Limited.
ALSO: EFCC Arrests Abuja Businesswoman Halimat Tejuosho Over Alleged Multi-Million Naira Contract Scam
According to the EFCC, the companies allegedly offered investment management services between 2021 and 2023 without obtaining 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, punishable under Section 57(5) of the same Act.
In addition, the prosecution claims the firms illegally operated a Collective Investment Scheme without registration or approval from the Securities and Exchange Commission (SEC), thereby breaching capital market regulations.
The charge sheet also details multiple unreported high-value financial transactions by Cititrust Credit Limited. These include:
A ₦20 million transfer on January 7, 2021
A ₦200 million transfer on April 4, 2021
A ₦200 million cash lodgement on January 29, 2021
Furthermore, Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have processed a combined ₦42 million in bank transactions on January 29, 2021, without reporting them to the Nigerian Financial Intelligence Unit (NFIU) as required by law.
These alleged offences contravene Sections 11(1)(b) and 11(3) of the Money Laundering (Prohibition) Act, 2022, and Section 54(1) of the Investment and Securities Act, 2007, and are punishable under the respective statutes.
The prosecution is being led by EFCC lawyers Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
NewsOnline Nigeria reports that the EFCC has reaffirmed its commitment to pursuing financial crimes through lawful channels and ensuring that firms operating in Nigeria’s financial ecosystem comply strictly with regulatory and anti-money laundering obligations.
