Court Orders Final Forfeiture Of $7m In Providus Bank Vault

The Federal High Court successful Abuja has ordered the last forfeiture of $7 cardinal kept successful a Providus Bank vault to the Federal Government, pursuing a palmy exertion by the Economic and Financial Crimes Commission (EFCC).

Justice Emeka Nwite delivered the ruling connected Monday aft EFCC counsel, Rotimi Oyedepo, SAN, moved the question for last forfeiture.

Oyedepo recalled that the tribunal had connected August 27 granted an interim bid to frost the funds. He explained that the bid was duly published to springiness funny parties the accidental to amusement origin wherefore the wealth should not beryllium permanently forfeited.

“In presumption of the information that determination is nary opposition, we use for last forfeiture of the 7 cardinal U.S dollars,” Oyedepo told the court.

At an earlier hearing, lawyer Gbenga Akande appeared for an unnamed enactment claiming involvement successful the funds but failed to disclose his client’s identity. He promised to record an affidavit to amusement cause, prompting the tribunal to adjourn until September 15.

When the substance resumed connected Monday, Akande was absent. Another lawyer, Darlington Ozurumba, appeared for an funny enactment but told the court: “On our part, we are not opposing the application.”

Justice Nwite ruled that the EFCC’s exertion was well-founded and ordered the wealth forfeited to the government.

“I person listened to the submission of the counsel for the applicant and gone done the affidavit evidence, including the written address. I americium of the presumption that the exertion is meritorious. Consequently, the exertion is granted,” helium said.

An affidavit successful enactment of the motion, marked FHC/ABJ/CS/1763/2025, was deposed to by EFCC researcher Emmanuel Okeibunor. He stated that the committee received credible quality that $7 cardinal was conveyed nether suspicious circumstances to Providus Bank successful Lagos.

Investigations revealed that the currency was kept successful the bank’s vault betwixt March 25 and 26 without being credited to immoderate customer’s account. Bank unit claimed it was deposited connected behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited, who denied the allegation but admitted to taking a $7 cardinal indebtedness from the bank.

Okeibunor further disclosed that Providus Bank failed to record a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit NFIU). The funds, suspected to beryllium proceeds of unlawful activity, were aboriginal recovered successful currency and deposited with the Central Bank of Nigeria (CBN).