EFCC Drags CITITRUST Holdings, Subsidiaries to Courtroom Over Alleged Multi-Billion Naira {Financial} Infractions
EFCC has dragged CITITRUST Holdings and Subsidiaries to courtroom over alleged Multi-Billion Naira {Financial} Infractions.
PoliticalNews Nigeria experiences that the {Economic} and {Financial} Crimes Fee (EFCC) has filed an eight-count cost in opposition to CITITRUST Holdings PLC and three of its subsidiaries over alleged {financial} misconduct, together with working with out correct regulatory approvals and failing to report high-value transactions.
The case is scheduled to begin on July 1, 2025, on the Federal Excessive Courtroom in Lagos.
The subsidiaries going through trial alongside the mum or dad firm are Cititrust Funding PLC, Cititrust Credit score Restricted, and Cititrust {Financial} Providers Restricted.
In response to the EFCC, the businesses allegedly supplied funding administration providers between 2021 and 2023 with out acquiring the obligatory licence from the Central {Bank} of Nigeria (CBN)—a violation of Part 57 of the Banks and Different {Financial} Establishments Act (BOFIA) 2020, punishable beneath Part 57(5) of the identical Act.
As well as, the prosecution claims the corporations illegally operated a Collective Funding Scheme with out registration or approval from the Securities and Alternate Fee (SEC), thereby breaching capital market rules.
The cost sheet additionally particulars a number of unreported high-value {financial} transactions by Cititrust Credit score Restricted. These embody:
A ₦20 million switch on January 7, 2021
A ₦200 million switch on April 4, 2021
A ₦200 million money lodgement on January 29, 2021
Moreover, Cititrust Credit score Restricted and Cititrust {Financial} Providers Restricted are alleged to have processed a mixed ₦42 million in {bank} transactions on January 29, 2021, with out reporting them to the Nigerian {Financial} Intelligence Unit (NFIU) as required by regulation.
These alleged offences contravene Sections 11(1)(b) and 11(3) of the Cash Laundering (Prohibition) Act, 2022, and Part 54(1) of the Funding and Securities Act, 2007, and are punishable beneath the respective statutes.
The prosecution is being led by EFCC attorneys Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
PoliticalNews Nigeria experiences that the EFCC has reaffirmed its dedication to pursuing {financial} crimes by means of lawful channels and guaranteeing that corporations working in Nigeria’s {financial} ecosystem comply strictly with regulatory and anti-money laundering obligations.