CITITRUST HOLDINGS, 3 other Companies in Massive Money Laundering Saga

A Federal high court sitting in Lagos has adjourned till 1st of July 2025, when the trial of a limited liability company, CITITRUST HOLDING PLC, and three other companies namely, CITITRUST FUNDING PLC, CITITRUST CREDIT LIMITED, and CITITRUST FINANCIAL SERVICES will commence.

According to eight count charge filed before the court by combined team of Economic and Financial Crime Commission’s EFCC Prosecuting counsels, Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman

Sometime between 2021 and 2023 in Nigeria within the Judicial Division of the court, the companies, being the companies incorporated in Nigeria, failed to obtain a valid licence from the Central Bank of Nigeria to carry on business of investment Management and thereby committed an offence contrary to Section 57 of the Banks and Other Financial institutions Act 2020 and punishable under Sections 57(5) of the same Act. 

It was further alleged that the four companies defendants while carrying on thier Investment of Collective Investment Scheme, failed to register with the Securities and Exchange Commission.

Specifically, one of the defendants companies a CITITRUST CREDIT LIMITED, between 7th January, 2021 and 4th of April, 2021 while carrying on the business of investment management allegedly failed to report to the Nigerian Financial Intelligence Unit in writing within seven days of a single transfer of the sum of N20 million, on the 7th of January,2021,on 4th of April, 2021 a single transfer of 200Million and a single lodgement of 200 Million on 29th of January, 2021and was alleged to have been moved into its bank accounts.

CITITRUST CREDIT limited and CITITRUST FINANCIAL SERVICES  LIMITED on the 29th January, 2021 were alleged to have made a single transfer and lodgement respectively in the sum of N42 Million into thier bank accounts.

       All the offences alleged to have been committed by the four companies are contrary to and punishable under sections 11(1)(b),11(3) of money laundering Prohibition Act 2022, and, section 54(1) of the Investment and Securities Act 2007 and punishable under the same Act.