CITITRUST Holdings PLC and three of its subsidiaries have been charged to courtroom by the {Economic} and {Financial} Crimes Fee (EFCC) over alleged {financial} misconduct involving unreported high-value transactions.
The trial is ready to start on July 1, 2025, on the Federal Excessive Courtroom in Lagos.
The subsidiaries named within the eight-count cost below the CITITRUST Holdings are Cititrust Funding PLC, Cititrust Credit score Restricted, and Cititrust {Financial} Companies Restricted.
The case is being prosecuted by a group from the EFCC comprising Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.
Based on the fees, between 2021 and 2023, the businesses allegedly offered funding administration companies with out securing a legitimate licence from the Central Bank of Nigeria (CBN)—an act that violates Part 57 of the Banks and Different {Financial} Establishments Act (BOFIA) 2020 and is punishable below Part 57(5) of the identical Act.
The prosecution additional alleges that the corporations carried out a Collective Funding Scheme with out registering with the Securities and Change Fee (SEC), in breach of regulatory necessities.
In one of many expenses, Cititrust Credit score Restricted is particularly accused of failing to report a number of high-value transactions to the Nigerian {Financial} Intelligence Unit (NFIU). These embody: A ₦20 million switch on January 7, 2021; a ₦200 million switch on April 4, 2021 and a ₦200 million lodgement on January 29, 2021.
Moreover, Cititrust Credit score Restricted and Cititrust {Financial} Companies Restricted are alleged to have respectively made a switch and lodgement of ₦42 million into their {bank} accounts on January 29, 2021, with out correct disclosure to the suitable authorities.
These actions allegedly 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 below the related legal guidelines.
