By Ayomide Otitoju
The Federal High Court in Abuja has ordered the final forfeiture of $7 million recovered from the vault of Providus Bank Limited to the Federal Government of Nigeria.
Justice Emeka Nwite delivered the ruling on Monday following an application by the Economic and Financial Crimes Commission (EFCC), which argued that the money was suspected to be proceeds of unlawful activity.
EFCC counsel, Rotimi Oyedepo (SAN), told the court that the anti-graft agency had complied with all procedural requirements after securing an interim forfeiture order on August 27. He noted that the order was published to allow interested parties to contest the forfeiture, but none came forward.
“My lord, since August 27 that your lordship granted the order till date, we have not received any opposition to our application. Hence, we filed a motion for final forfeiture,” Oyedepo submitted.
Although a lawyer, Gbenga Akande, had previously claimed to represent an interested party, he neither disclosed his client’s identity nor filed any supporting documents. On the adjourned date, another lawyer, Darlington Ozurumba, appeared but did not oppose the EFCC’s application.
Justice Nwite, after reviewing the application and supporting affidavits, ruled in favour of the EFCC. “I am of the view that the application is meritorious. Consequently, the application is granted,” he declared.
According to an affidavit by EFCC investigator Emmanuel Okeibunor, intelligence indicated that the $7 million was delivered under suspicious circumstances to Providus Bank’s Victoria Island branch in Lagos between March 25 and 26. Investigations revealed the funds were kept in the bank’s vault without documentation and not credited to any known customer account.
Interviews with bank staff suggested the money was brought in on behalf of Oceangate Engineering Oil and Gas Limited. However, the company’s Managing Director denied depositing funds, instead claiming to have taken an unpaid $7 million loan from the bank.
The EFCC further noted that Providus Bank failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), raising concerns about regulatory compliance.
The funds, recovered in raw cash, have since been transferred to the Central Bank of Nigeria for safekeeping. With the final forfeiture granted, the $7 million is now the property of the Federal Government.
The ruling marks a significant win for the EFCC in its anti-corruption campaign and reinforces the judiciary’s role in strengthening financial transparency and regulatory compliance in Nigeria’s banking sector.
