The Federal High Court in Abuja has ordered the final forfeiture of $7 million kept in a Providus Bank vault to the Federal Government, following a successful application by the Economic and Financial Crimes Commission (EFCC).
Justice Emeka Nwite delivered the ruling on Monday after EFCC counsel, Rotimi Oyedepo, SAN, moved the motion for final forfeiture.
Oyedepo recalled that the court had on August 27 granted an interim order to freeze the funds. He explained that the order was duly published to give interested parties the opportunity to show cause why the money should not be permanently forfeited.
“In view of the fact that there is no opposition, we apply for final forfeiture of the seven million U.S dollars,” Oyedepo told the court.
At an earlier hearing, lawyer Gbenga Akande appeared for an unnamed party claiming interest in the funds but failed to disclose his client’s identity. He promised to file an affidavit to show cause, prompting the court to adjourn until September 15.
When the matter resumed on Monday, Akande was absent. Another lawyer, Darlington Ozurumba, appeared for an interested party but told the court: “On our part, we are not opposing the application.”
Justice Nwite ruled that the EFCC’s application was well-founded and ordered the money forfeited to the government.
“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 said.
An affidavit in support of the motion, marked FHC/ABJ/CS/1763/2025, was deposed to by EFCC investigator Emmanuel Okeibunor. He stated that the commission received credible intelligence that $7 million was conveyed under suspicious circumstances to Providus Bank in Lagos.
Investigations revealed that the cash was kept in the bank’s vault between March 25 and 26 without being credited to any customer’s account. Bank staff claimed it was deposited on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited, who denied the allegation but admitted to taking a $7 million loan from the bank.
Okeibunor further disclosed that Providus Bank failed to file a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit NFIU). The funds, suspected to be proceeds of unlawful activity, were later recovered in cash and deposited with the Central Bank of Nigeria (CBN).
