The Federal High Court in Abuja has ordered the
final forfeiture of $7 million discovered in the vault of Providus
Bank Limited to the Federal Government of Nigeria.
Justice Emeka Nwite delivered the ruling on
Monday after granting an application by the Economic and Financial Crimes
Commission (EFCC), which argued that the funds were proceeds of unlawful
activity.
No Opposition to EFCC’s Case
EFCC counsel, Rotimi Oyedepo (SAN), told the
court that all procedural steps had been followed since the interim forfeiture
order was granted on August 27, including publishing the order to invite
any interested parties.
“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 stated.
Although lawyers previously appeared in court hinting
at possible interest in the funds, no formal opposition was filed. Justice
Nwite, after reviewing the affidavits and evidence, ruled that the EFCC’s
application was meritorious and ordered the permanent forfeiture.
Suspicious Circumstances
According to EFCC investigator Emmanuel Okeibunor,
intelligence revealed that the $7 million was moved to Providus Bank’s Victoria
Island, Lagos branch between March 25 and 26 under suspicious
circumstances.
The money was not credited to any customer account but
was kept in the vault without proper documentation. While bank staff suggested
it was linked to Oceangate Engineering Oil and Gas Limited, the
company’s managing director denied making such a deposit, instead claiming to
have an outstanding $7 million loan with the bank.
Providus Bank reportedly failed to file a Suspicious
Transaction Report (STR) with the Nigerian Financial Intelligence Unit
(NFIU), raising compliance concerns.
The EFCC subsequently recovered the cash and moved it
to the Central Bank of Nigeria (CBN) for safekeeping.
Significance
The ruling is seen as a major boost for the EFCC’s
anti-corruption drive and highlights the judiciary’s role in strengthening financial
transparency and regulatory compliance.
With no legitimate claims established, the $7 million
now becomes property of the Federal Government.
Related Development
The judgment comes just days ahead of a key Unity
Bank–Providus Bank merger meeting scheduled for September 26, 2025,
where shareholders will vote on payouts and share-swap arrangements.
Under the proposed scheme, Unity Bank shareholders are
set to receive either ?3.18 per share or 18 Providus Bank shares for
every 17 Unity Bank shares held.
Analysts say the timing of the ruling could raise
questions about compliance and governance issues around Providus Bank as it
seeks to consolidate with Unity Bank.
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