The Federal High Court in Abuja has ordered the permanent forfeiture of $7 million discovered in the vault of a Providus Bank branch in Ikoyi, Lagos, to the Nigerian government.
Justice Emeka Nwite issued the ruling following an application by the Economic and Financial Crimes Commission (EFCC), which sought a final forfeiture of the funds.
According to EFCC findings, the money was linked to Oceangate Engineering Oil and Gas Limited but was never credited to any legitimate customer account. Instead, it was allegedly stored in the bank’s vault under questionable circumstances.
In an affidavit, EFCC investigator Emmanuel Okeibunor stated that Providus Bank failed to report the transaction to the Nigerian Financial Intelligence Unit (NFIU). Some bank staff claimed the funds were deposited on behalf of the company’s managing director, who later denied any involvement. She maintained that the money represented an unpaid loan she had taken from the bank.
The EFCC had earlier secured an interim forfeiture order on August 27. At a subsequent hearing, lawyer Gbenga Akande appeared for an unidentified party but did not reveal the client’s name. On Monday, another lawyer, Darlington Ozurumba, appeared in court but raised no objection to the EFCC’s application.
Ruling on the matter, Justice Nwite held that the commission’s request had merit and ordered the permanent forfeiture of the $7 million to the federal government.
