By John Umeh
The Federal High Court in Abuja has ordered the permanent forfeiture of $7 million uncovered in the vault of a Providus Bank branch in Ikoyi, Lagos, to the Federal Government of Nigeria.
Justice Emeka Nwite delivered the ruling following an application filed by the Economic and Financial Crimes Commission (EFCC), which sought a final forfeiture order over the funds.
Suspicious Discovery and EFCC Investigation
According to court documents, the EFCC traced the money to Oceangate Engineering Oil and Gas Limited. However, investigators revealed that the funds were not linked to any known customer account but were instead kept in the bank’s custody under questionable circumstances.
In an affidavit presented before the court, EFCC investigator Emmanuel Okeibunor alleged that Providus Bank failed to notify the Nigerian Financial Intelligence Unit (NFIU) as required by law when large or suspicious deposits are made. He further disclosed that some members of staff claimed the funds were deposited on behalf of the company’s managing director.
The said director, however, denied making such a deposit, insisting instead that the sum represented an unpaid loan facility she obtained from the bank.
Court Proceedings and Legal Arguments
The EFCC had initially secured an interim forfeiture order on August 27, pending further hearings. At that stage, lawyer Gbenga Akande appeared on behalf of an unnamed party claiming interest in the funds, but he refused to disclose the identity of his client.
At the resumed hearing, another lawyer, Darlington Ozurumba, appeared for a separate party but did not oppose the EFCC’s motion for final forfeiture. This lack of opposition, coupled with the inconsistencies surrounding the ownership of the funds, strengthened the commission’s case.
Justice Nwite held that the anti-graft agency had presented a credible argument establishing that the $7 million was suspiciously kept and that no legitimate claimant had come forward to establish ownership. Consequently, the court ruled that the EFCC’s application was “meritorious and deserving of approval.”
Funds Now Belong to the Federal Government
With the ruling, the $7 million is now legally transferred to the coffers of the Federal Government, marking another win in the EFCC’s campaign against illicit financial activities.
Legal analysts note that the case highlights the responsibility of banks to adhere strictly to anti-money laundering regulations, particularly in reporting questionable transactions to the appropriate authorities.
The EFCC has vowed to intensify its oversight of financial institutions to ensure compliance, stressing that loopholes in the banking sector often provide channels for laundering illicit funds.
