The Federal High Court in Abuja, presided over by Justice Emeka Nwite, has ordered the final forfeiture of seven million dollars recovered the Economic and Financial Crimes Commission(EFCC) from providus bank to the federal government.
Following an application for final forfeiture of the funds filed by Rotimi Oyedepo, SAN, the EFCC’s lawyer, Justice Nwite rendered the decision on Monday.
Oyedepo recalled that the court issued an interim order to freeze the amount on August 27. He said that by posting the order to give interested parties a chance to argue why the funds shouldn’t be lost, the EFCC had complied with the requirement. On September 3, an affidavit of conformity was submitted.
He clarified that the application for final forfeiture resulted from the fact that no opposition had been submitted since the interim order had been given.
Despite pressure from the court and opposing counsel, Mr. Gbenga Akande, a lawyer representing an undisclosed interested party, did not reveal his client at the most recent session. To prove his case, he pledged to submit an affidavit. The case was postponed until September 15 by the court.
On Monday, however, Akande was not present as the case recommenced. Speaking on behalf of an interested party, Darlington Ozurumba stated, “On our part, we are not opposing the application.”
“In view of the fact that there is no opposition, we apply for final forfeiture of the seven million U.S dollars,” Oyedepo said.
Justice Nwite held that the application was meritorious and ordered the funds found in providus bank be forfeited to the Federal 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 ruled.
Additionally, EFCC investigator Emmanuel Okeibunor deposed to an affidavit supporting the application, designated FHC/ABJ/CS/1763/2025, which claimed that the commission had obtained credible information that seven million dollars had been transferred to Providus Bank Limited in Lagos under suspicious circumstances.
Investigations, according to Okeibunor, verified that the funds were held in the bank’s vault from March 25 to 26 without being credited to any customer’s account. Employees claimed it was deposited on behalf of Oceangate Engineering Oil and Gas Limited’s managing director, who acknowledged taking out a $7 million bank loan but refuted the allegation.
He went on to say that the money that was found in cash and placed with the Central Bank of Nigeria was likely the result of illegal conduct, and that Providus Bank had neglected due process by failing to submit a Suspicious Transaction Report to the Nigerian Financial Intelligence Unit.
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