Court Grants FG Final Ownership of $7m Seized from Providus Bank Vault
The Federal High Court sitting in Abuja has ordered the final forfeiture of the sum of $7 million recovered from the vault of Providus Bank Limited to the Federal Government of Nigeria.
The order was delivered on Monday by Justice Emeka Nwite following an application by the Economic and Financial Crimes Commission (EFCC), which alleged that the funds were suspected to be proceeds of unlawful activity.
Appearing for the EFCC, Rotimi Oyedepo, SAN, informed the court that the Commission had complied with all procedural requirements after securing an interim forfeiture order on August 27. He noted that the order had been duly published, inviting any interested parties to show cause why the funds should not be permanently forfeited.
“My Lord, since August 27 when your Lordship granted the order, no opposition has been filed against our application. Consequently, we have brought this motion for final forfeiture,” Oyedepo submitted.
The court heard that although Mr. Gbenga Akande, a lawyer, had earlier appeared claiming to represent an interested party, he refused to disclose his client’s identity and failed to file any supporting documents. On the adjourned date, Akande was absent, and another lawyer, Darlington Ozurumba, appeared but did not oppose the EFCC’s application.
“In view of the fact that there is no opposition, we apply for the final forfeiture of the seven million U.S. dollars,” Oyedepo reiterated.
After reviewing the motion and supporting affidavits, Justice Nwite held that the application was meritorious. “I am of the view that the application is meritorious. Consequently, the application is granted,” the judge ruled.
According to an affidavit deposed to by EFCC investigator Emmanuel Okeibunor, the Commission received credible intelligence that $7 million had been moved under suspicious circumstances to Providus Bank’s Victoria Island branch in Lagos between March 25 and 26.
Investigations revealed that the funds were not credited to any known customer account but were instead kept in the bank’s vault without proper documentation. Bank staff indicated that the money was brought in on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited. However, the company’s Managing Director denied depositing the funds, claiming instead that she had taken a $7 million loan from Providus Bank, which remained unpaid.
The EFCC further alleged that Providus Bank failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), raising concerns about regulatory compliance. Okeibunor stated that the funds did not represent any known, provable, or legitimate income of Oceangate Engineering, the couriers, or bank officials, and were therefore reasonably suspected to be proceeds of unlawful activity.
The EFCC recovered the cash and deposited it with the Central Bank of Nigeria for safekeeping. With no legitimate claimants coming forward and the suspicious nature of the transaction established, the court granted the final forfeiture order, a decision that underscores the judiciary’s role in supporting anti-corruption efforts and enforcing financial transparency in Nigeria’s banking sector.
