The Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of about N6.67 billion worth of a mortgage bank’s shares and other funds described as proceeds of a Ponzi scheme.
The 2,041,087,747 share units of Livingtrust Mortgage Bank Plc, formerly known as Omoluabi Mortgage Bank Plc, were traced to Cititrust Holdings Plc, a suspected Ponzi scheme operator, and its subsidiaries, a statement from the Economic and Financial Crimes Commission (EFCC), said Wednesday. The…
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