A Federal High Court in Abuja has ordered the final forfeiture of $7 million found in the vault of a Providus Bank branch in Ikoyi, Lagos.
Justice Emeka Nwite gave the ruling after the Economic and Financial Crimes Commission (EFCC) filed for permanent forfeiture of the suspicious funds.
The EFCC said the money was traced to Oceangate Engineering Oil and Gas Limited but was not credited to any customer’s account. Instead, it was allegedly hidden in the bank’s vault.
EFCC investigator Emmanuel Okeibunor stated in an affidavit that Providus Bank failed to file a suspicious transaction report with the Nigerian Financial Intelligence Unit.
He added that some staff said the money was deposited on behalf of the company’s managing director. However, she denied making any such deposit.
The managing director claimed the $7 million was actually a loan she collected from Providus Bank but had not repaid.
Earlier, on August 27, the EFCC secured an interim forfeiture order on the funds.
At Monday’s hearing, lawyer Darlington Ozurumba represented a party in the case but did not challenge the EFCC’s request for final forfeiture.
Justice Nwite ruled that the EFCC’s application had merit and ordered the money permanently forfeited to the federal government.
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