The Federal High Court in Abuja has ordered the final forfeiture of $7 million discovered in the vault of Providus Bank Limited to the Federal Government of Nigeria.
Justice Emeka Nwite delivered the ruling on Monday after granting an application filed by the Economic and Financial Crimes Commission (EFCC), which maintained that the money was linked to unlawful activities.
EFCC counsel, Senior Advocate of Nigeria Rotimi Oyedepo, told the court that the agency had met all legal requirements since securing an interim forfeiture order on August 27.
He noted that the order was widely publicized, but no legitimate claimant stepped forward to contest the forfeiture.
“My lord, since August 27 that your lordship granted the interim order, no opposition has been filed.
“We therefore seek the court’s approval for a final forfeiture of the seven million U.S. dollars,” Oyedepo submitted.
Although lawyers previously appeared, claiming to represent unnamed interested parties, none filed the necessary documents or disclosed their clients’ identities.
On the adjourned date, their absence left the EFCC’s application unchallenged.
After reviewing the motion and supporting affidavits, Justice Nwite ruled in favor of the anti-graft agency.
“I am of the view that the application is meritorious. Consequently, the application is granted,” he declared.
According to EFCC investigator Emmanuel Okeibunor, intelligence reports revealed that the money was secretly delivered to Providus Bank’s Victoria Island branch in Lagos between March 25 and 26.
Investigations showed the funds were not credited to any customer account but kept in the bank’s vault without documentation.
Interviews with bank staff suggested the cash was deposited on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited.
However, the company’s chief executive denied any involvement, insisting instead that she had taken a $7 million loan from Providus Bank that was still outstanding.
The EFCC further faulted the bank for failing to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), a requirement under anti-money laundering laws.
“The funds sought to be forfeited are reasonably suspected to be proceeds of unlawful activity, as they did not represent known, provable, and legitimate income of either Oceangate Engineering Oil and Gas Limited, the couriers, or officials of Providus Bank Limited,” Okeibunor stated.
The commission recovered the money in raw cash and handed it over to the Central Bank of Nigeria for safekeeping. With the court’s final order, the funds are now permanently forfeited to the Federal Government.
The ruling represents another significant boost for the EFCC’s anti-corruption drive and reinforces the judiciary’s role in strengthening financial accountability.
It also puts renewed focus on compliance lapses within the banking sector, particularly regarding suspicious cash transactions.
The judgment comes just days before a September 26 Unity Bank shareholder meeting, where investors are set to review terms of a proposed merger with Providus Bank Limited.
Under the scheme, Unity Bank shareholders are expected to receive either N3.18 per share in cash or 18 Providus shares for every 17 Unity shares they hold.
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