CitiTrust appeals N42m forfeiture order

The management of CitiTrust Holdings Plc says it has appealed the judgment of the Federal High Court sitting in Lagos which ordered the forfeiture of N42,461,096.66 and $26.44, all traced to Cititrust Holdings Plc and its subsidiaries.

The ruling, delivered on Tuesday by Justice F. N. Ogazi, followed a motion filed by the Lagos zonal directorate of the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency had, among other things, argued that the funds were found to have been acquired with proceeds from fraudulent Ponzi investment activities.

However, in a statement on Wednesday and signed by Barrister Josiah Adebayo legal counsel to CitiTrust Holdings Plc, the company said it was well aware of the court judgment, and that while it had its reservations over the judgment, it nonetheless respects the decision of the judiciary and had filed an appeal against it.

The statement reads: “We want to reassure the relevant stakeholders, customers, and the general public that this outcome does not define our values or our commitment to resolving all outstanding issues.

“We believe that justice will prevail.

“Our priority remains to serve our community and clients with transparency and where there are difficulties, to resolve them in a customer-centric way.

“We are taking this moment as an opportunity to reflect, improve, and ensure that we come up with an outcome that satisfies our stakeholders.”

The company said while it was aware of what it termed the campaign of calumny in some quarters and the narrative of its traducers, it remained focused on addressing existing challenges and obtaining justice.

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