crime

EFCC sues Cititrust over ₦200 million unreported transfers

Published

1 year ago

June 23, 2025

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.

Also read: EFCC arraigns firms over illegal investment schemes in Nigeria

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.

Also read: CBEX ponzi scheme: EFCC arrests two, blocks wallets in multi-trillion naira fraud probe

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

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crime

Police Arrest Convicted Drug Dealer, Rescue 14-Year-Old Boy in Bauchi

Published

6 hours ago

October 27, 2026

Peculiar Adirika

Bauchi drug dealer arrest leads to the rescue of a 14-year-old boy allegedly used as a drug courier and the recovery of suspected illicit substances

The Bauchi State Police Command has arrested a 22-year-old convicted drug dealer and rescued a 14-year-old boy who was allegedly being used to deliver illicit drugs in the state.

Also read: NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

The command said operatives of its Violent Crimes Response Unit intercepted the teenager during a routine patrol and recovered a granular whitish substance suspected to be methamphetamine.

The Police Public Relations Officer, SP Nafiu Habib, disclosed this in a statement issued on Tuesday.

According to Habib, the operatives, led by the unit’s officer-in-charge, intercepted the minor, identified as Samuel Nkemakolan Kosi, at about 11 am on October 26, 2026, while he was allegedly on his way to deliver the suspected drug, also known as Ice, to a customer.

The statement said the teenager told investigators that he had been sent by Samuel Ogochukwu, a 22-year-old convicted drug dealer, to make the delivery.

“Upon interrogation, the minor confessed that he was sent by one Samuel Ogochukwu, 22 years old, a convicted drug dealer, to make the delivery,” Habib said.

Following the information, detectives traced Ogochukwu to his location and arrested him.

A search of the suspect’s shop and residence reportedly led to the recovery of 3.5 grammes of a substance suspected to be methamphetamine, 17 sachets of 100mg tramadol capsules, five sachets of 300mg pregabalin capsules and seven sachets of diazepam.

The police also recovered 12 Exol tablets, two wraps of a substance known as Yellow Boys and one sachet of Shine Shine Leather.

Habib said the principal suspect told investigators that he received supplies of illicit drugs through waybills from Onitsha, Anambra State.

The police spokesman added that the 14-year-old had been handled in accordance with juvenile best practices and would be reunited with his family after counselling.

“The 14-year-old minor has been handled in line with juvenile best practices and will be reunited with his family after counselling, while the principal suspect will be charged to court upon completion of investigation,” the statement said.

The Commissioner of Police in Bauchi State, Sani-Omolori Aliyu, commended the operatives for their work and urged the public to remain alert to criminal activity.

According to Habib, the commissioner said four major drug busts and subsequent convictions recorded within 10 days demonstrated the command’s continued efforts to combat drug trafficking.