Osun Governor Adeleke Writes CBN Over LivingTrust Mortgage Bank Oversight
The legal storm surrounding CitiTrust Financial Services Limited has intensified, with Osun State Governor Ademola Adeleke taking action by writing to the Central Bank of Nigeria. The letter focuses on the CBN's regulatory oversight of LivingTrust Mortgage Bank, raising concerns as new court proceedings begin over alleged financial crimes linked to the firm.
Court of Appeal Hearing in Lagos
The dispute reaches a critical point today as the Court of Appeal in Lagos is set to hear an application by CitiTrust Financial Services Limited. The company is challenging an earlier judgment that resulted in the forfeiture of its assets to the Federal Government. This case, marked CA/L/571/2025, stems from prosecution by the Economic and Financial Crimes Commission at the Federal High Court in Lagos.
The EFCC accused the firm of operating a Ponzi scheme, leading to severe sanctions including asset forfeiture and actions against shares in its subsidiaries. The hearing notice indicates proceedings will occur at Tafawa Balewa Square in Lagos, where the appellant seeks leave to regularise filings after missing procedural deadlines.
Legal Delays and EFCC Response
Counsel for the appellants, Oyetola Muyiwa Atoyebi (SAN), filed a motion dated September 23, 2025, attributing the delay to workload pressures. The motion notes that the appellants' brief exceeded the page limit set by court rules. The application requests an extension of time to file and serve the brief, and for already filed processes to be deemed properly filed.
Meanwhile, the EFCC is expected to file its response immediately after the court rules on the pending motion. This development adds to the ongoing scrutiny of financial operations and regulatory oversight in Nigeria's banking sector.
