Nigeria, April 17 -- 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 shares were valued at about N6.67 billion (N6,674,356,932.69).

The statement added that the judge, Friday Ogazi, issued the forfeiture order on Tuesday. In addition to the forfeited shares, the judge also ordered the final forfeiture of about...