The Federal High Court in Abuja has ordered the final forfeiture of $7 million recovered from the vault of Providus Bank Limited to the federal government.
The ruling, delivered on Monday by Justice Emeka Nwite, followed an application by the Economic and Financial Crimes Commission (EFCC).
The EFCC said the funds were suspected to be proceeds of unlawful activity.
Rotimi Oyedepo, counsel to the EFCC, said the commission complied with all requirements after the interim forfeiture order granted on August 27.
The anti-graft agency also published the order, inviting interested parties to show cause why the funds should not be permanently forfeited.
“My lord, since August 27 that your lordship granted the order, till date, we have not received any opposition to our application. Hence, we filed a motion for final forfeiture,” Oyedepo said.
Although Gbenga Akande, a lawyer, had appeared in court claiming to represent an interested party, he declined to disclose his client’s identity and failed to file 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 final forfeiture of the seven million U.S. dollars,” Oyedepo said.
Nwite, after reviewing the application and supporting affidavits, ruled in favour of the EFCC.
“I am of the view that the application is meritorious. Consequently, the application is granted,” the judge declared.
According to an affidavit by Emmanuel Okeibunor, an EFCC investigator, the commission received intelligence that $7 million was moved under suspicious circumstances to Providus Bank’s Victoria Island branch in Lagos between March 25 and 26.
“The team confirmed that seven million dollars was taken, in suspicious circumstances, to the Providus Bank Limited located at No.114 Adeola Odeku Street, Victoria Island Lagos,” Okeibunor said.
The funds were not credited to any known account but were kept in the bank’s vault without documentation.
Bank staff told investigators that the money was brought in on behalf of the managing director of Oceangate Engineering Oil and Gas Limited.
However, the managing director denied depositing the funds, claiming instead that she had taken a $7 million loan from the bank, which was still unpaid.
The EFCC also said Providus Bank failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU).
“The funds sought to be forfeited are reasonably suspected to be proceeds of unlawful activity, as they did not represent known, provable, and legitimate income of either Oceangate Engineering Oil and Gas Limited, the couriers, or officials of Providus Bank Limited,” Okeibunor said.
The EFCC recovered the money in raw cash and transferred it to the Central Bank of Nigeria (CBN) for safekeeping.
With no opposition to its application, the agency secured the final forfeiture of the funds.
