Federal High Court forfeits $7m recovered from Providus Bank to Nigeria’s government after EFCC proved funds were proceeds of unlawful activity

Justice Emeka Nwite delivered the judgment on Monday in Abuja, granting the Economic and Financial Crimes Commission (EFCC) a final forfeiture order.

Also read: Providus Bank Wins Best Workplace in Banking 2025

The decision followed an interim order issued on 27 August and the absence of any valid opposition to the application.

Senior Advocate of Nigeria Rotimi Oyedepo, counsel to the EFCC, told the court that despite public notice of the interim order, no legitimate claimant had stepped forward. “

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 a lawyer, Mr Gbenga Akande, once appeared in court claiming to represent an unnamed interested party, he neither filed supporting documents nor returned at subsequent hearings.

Another counsel, Darlington Ozurumba, appeared on the adjourned date but did not challenge the EFCC’s request.

After reviewing the evidence, Justice Nwite concluded: “I am of the view that the application is meritorious. Consequently, the application is granted.”

 Suspicious origin of the funds

According to an affidavit filed by EFCC investigator Emmanuel Okeibunor, intelligence revealed that $7 million was moved under suspicious circumstances to Providus Bank’s Victoria Island branch in Lagos in March.

Investigations showed the money was not credited to any customer account but kept in the bank’s vault without proper documentation.

Some staff linked the funds to Oceangate Engineering Oil and Gas Limited, but the company’s Managing Director denied ownership, instead claiming to have taken a loan from the bank.

The EFCC also faulted Providus Bank for failing to file a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit, deepening concerns about regulatory breaches.

Okeibunor stated: “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.”

A win for financial transparency

The $7 million, recovered in cash, was deposited with the Central Bank of Nigeria for safekeeping. With the final forfeiture order granted, it will now be permanently transferred to the Federal Government.

Also read: SME Support in Nigeria Grows as Providus Bank Marks 5-Year Milestone

The case underscores the judiciary’s role in backing Nigeria’s anti-corruption drive and serves as a warning to financial institutions to comply strictly with reporting obligations.