The Federal High Court in Lagos will begin the Cititrust money laundering trial on July 1, with EFCC prosecuting for banking and investment offences

Cititrust money laundering trial is scheduled to begin on 1 July 2025 at the Federal High Court in Lagos, following allegations of financial crimes involving Cititrust Holdings PLC and three of its subsidiaries.

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The firms stand accused of operating without required licences and breaching Nigeria’s money laundering laws.

The Economic and Financial Crimes Commission has filed an eight-count charge against Cititrust Holdings PLC, Cititrust Funding PLC, Cititrust Credit Limited, and Cititrust Financial Services Limited.

The prosecuting team includes Anasoh Henry Onyekachi, Frankklin Ofoma, Abdulhamid Lamido Tukur, and A.A. Usman.

According to the charges, between 2021 and 2023, the companies allegedly offered investment management services without authorisation from the Central Bank of Nigeria.

This, prosecutors argue, violates Section 57 of the Banks and Other Financial Institutions Act 2020 and is punishable under Section 57(5) of the same law.

In addition to operating without a CBN licence, the firms are also accused of running a Collective Investment Scheme without registering with the Securities and Exchange Commission.

These regulatory breaches raise concerns about investor protection and compliance in Nigeria’s financial services sector.

One of the charges targets Cititrust Credit Limited directly, accusing the company of failing to report high-value transactions to the Nigerian Financial Intelligence Unit.

Among the flagged transactions are a ₦20 million transfer made on 7 January 2021, a ₦200 million transfer recorded on 4 April 2021, and a ₦200 million lodgement on 29 January 2021.

Furthermore, Cititrust Credit Limited and Cititrust Financial Services Limited are alleged to have failed to disclose a ₦42 million transfer and lodgement respectively, both on 29 January 2021.

These omissions, according to the EFCC, breach key provisions of the Money Laundering (Prohibition) Act 2022 and the Investment and Securities Act 2007.

The court is expected to commence full trial proceedings on the scheduled date, with the prosecution seeking to prove that the firms deliberately bypassed legal and regulatory procedures.

The case has already drawn attention from stakeholders in Nigeria’s finance and investment landscape, who are watching for the implications of the outcome.

The proceedings mark a significant step in the enforcement of financial regulations and anti-money laundering frameworks in the country.

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If convicted, the companies could face heavy penalties, with wider repercussions for corporate governance and investor trust in the Nigerian economy.