Court orders forfeiture of $7 million in Providus Bank recovered by EFCC to FG

The Federal High Court, Abuja Division, on Monday, ordered the final forfeiture of seven million dollars recovered by the Economic and Financial Crimes Commission to the Federal Government.

Justice Emeka Nwite gave the order after EFCC’s lawyer, Rotimi Oyedepo, SAN, moved an application for the final forfeiture of the money.

Mr Oyedepo reminded that the court, on August 27, granted the commission’s request for the interim freezing of the sum.

He said the anti-graft agency had complied with the directive of the court by publishing the interim order for interested parties to show cause why the final order should not be made.

He said an affidavit of compliance was filed on September 3.

He stated, “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.’’

Recall that on Friday when the matter was heard, a lawyer, Gbenga Akande, announced appearance for an interested party.

Although Mr Akande refused to disclose the name of his client who he represented to the court despite the pressure by Mr Oyedepo and the judge, the lawyer promised to file their affidavit to show cause and other documents today.

“My lord, as soon as we file our response, the learner counsel for the applicant will know the interested party,” he said.

The judge, who ordered Mr Oyedepo to serve Mr Akande with copies of the documents, adjourned the matter until September 15 for report.

But when the matter was called on Monday, Akande was not in court.

However, another lawyer, Darlington Ozurumba, appeared in court for an interested party.

Mr Oyedepo, therefore, moved the application for final forfeiture of the money to the Federal Government since no party had shown interest in the matter.

“The party showing interest at the last adjourned date was represented by Gbenga Femi Akande, Esq,” he said.

When the judge asked Mr Ozurumba for his submission, the lawyer simply said, “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,” he said.

Justice Nwite, who held that the application was meritorious, ordered the final forfeiture of the money to the Federal Government.

“I have listened to the submission of the counsel for 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.

In the affidavit in support of the motion ex-parte marked: FHC/ABJ/CS/1763/2025 and deposed to by an EFCC investigator, Emmanuel Okeibunor, the official said the commission received a credible intelligence report alleging that the sum of seven million dollars was, in suspicious circumstances, conveyed to and kept in Providus Bank Limited in Lagos.

Mr Okeibunor averred that upon the receipt of the said intelligence report, the same was assigned to his team to analyse and, if found credible, investigate.

According to him, my team found the intelligence credible and proceeded to investigate further.

“My 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 between March 25 and 26.”

He said the investigation revealed that the said sum was not credited to any known customers’ account of the bank, but rather surreptitiously kept in the bank’s vault.

The official said those interviewed, including some of the bank staff, alleged that the funds were brought to the bank for and on behalf of the managing director, Oceangate Engineering Oil and Gas Limited.

“My team interviewed the managing director of Oceangate Engineering Oil and Gas Limited in respect of the seven million dollars who insisted that she did not take any money to Providus Bank. My team was equally informed by the managing director of Oceangate Engineering Oil and Gas Limited that she took a loan of seven million dollars from Providus Bank Limited which she has yet to pay back to the bank. That Providus Bank Limited did not file a Suspicious Transaction Report (STR) to the Nigerian Financial Intelligence Unit (NFIU) in respect of this transaction.

“That 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.”

He said the funds had been recovered by his team in raw cash and taken to the Central Bank of Nigeria for safekeeping, hence, the need for the sum to be forfeited to the Federal Government.

“The funds sought to be forfeited are also reasonably suspected to have been abandoned, as nobody came forward to claim the funds from the Providus Bank Limited or the commission that recovered the same,” he said.