Legal storm surrounding CitiTrust Financial Services Limited has deepened, as the Osun State Governor, Ademola Adeleke, writes to the Central Bank of Nigeria (CBN).

The letter is about the CBN’s regulatory oversight of LivingTrust Mortgage Bank, even as fresh proceedings begin in court over alleged financial crimes linked to the firm.

The dispute comes to a head today as the Court of Appeal sitting in Lagos is set to hear an application by CitiTrust Financial Services Limited, which is challenging an earlier judgment that led to the forfeiture of its assets to the Federal Government.

The company had been prosecuted by the Economic and Financial Crimes Commission (EFCC) at the Federal High Court, Lagos, over allegations bordering on money laundering and illegal financial operations.

The anti-graft agency accused the firm of operating a Ponzi scheme, leading to sweeping sanctions, including the forfeiture of assets and shares linked to its subsidiaries.

Hearing notice in the appeal, marked CA/L/571/2025, indicates that proceedings will take place at Tafawa Balewa Square, Lagos, where the appellant is seeking leave to regularise its filings after missing procedural deadlines.

Counsel to the appellants, Oyetola Muyiwa Atoyebi (SAN), in a motion dated September 23, 2025, attributed the delay to workload pressures, noting that the appellants’ brief exceeded the page limit prescribed by the rules of court.

The application seeks, among others, an extension of time to file and serve the brief, and for the 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.