$7m abandoned in Providus Bank forfeited to Nigerian government

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Justice Emeka Nwite of the Federal High Court in Abuja has ordered that a sum of seven million US dollars, recovered by the Economic and Financial Crimes Commission (EFCC), be permanently forfeited to the federal government.

The ruling was delivered on Monday following an application brought before the court by EFCC’s legal representative, Rotimi Oyedepo, SAN, seeking the final forfeiture of the seized funds.

Oyedepo reminded the court that a temporary forfeiture order had been granted on August 27, and in compliance with the court’s directive, the commission publicized the order, giving any concerned parties the opportunity to contest the forfeiture. He also noted that an affidavit confirming compliance was submitted on September 3.

He further stated that since the issuance of the interim order, no one had formally contested the forfeiture, prompting the request for a final ruling.

During an earlier session, a lawyer named Gbenga Akande appeared on behalf of an unnamed party but declined to identify his client, despite the court’s insistence. He had promised to file documentation to justify their interest. The matter was then postponed until September 15.

“I have listened to the submission of the counsel for the applicant and gone through the affidavit evidence including the written address. I am of the view that the application is meritorious. Consequently, the application is granted,” he ruled.

Following this, Oyedepo urged the court to approve the request, citing the absence of any objection to the motion.

In his judgment, Justice Nwite stated that the application had merit. “I have listened to the submission of the counsel for the applicant and gone through the affidavit evidence including the written address. I am of the view that the application is meritorious. Consequently, the application is granted,” he ruled.

According to the affidavit supporting the motion filed under the case number FHC/ABJ/CS/1763/2025 and sworn to by EFCC investigator Emmanuel Okeibunor the commission had received reliable information regarding the suspicious movement of seven million dollars into Providus Bank Limited in Lagos.

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Okeibunor disclosed that the investigation revealed the funds were stored in the bank’s vault on March 25 and 26 without being linked to any customer account. Bank employees claimed the money was deposited for the Managing Director of Oceangate Engineering Oil and Gas Limited, who denied ownership but admitted to having secured a loan of the same amount from the bank.

The investigator also noted that Providus Bank failed to submit a Suspicious Transaction Report to the Nigerian Financial Intelligence Unit. He confirmed that the money recovered in cash and subsequently deposited at the Central Bank of Nigeria was believed to be the proceeds of illegal activity.

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