The Federal High Court in Abuja has ordered the final forfeiture of $7 million recovered from the vault of a commercial Bank Limited to the Federal Government of Nigeria.

The ruling, delivered on Monday by Justice Emeka Nwite, followed an application filed by the Economic and Financial Crimes Commission (EFCC), which argued that the funds were suspected to be proceeds of unlawful activity.

Senior Advocate of Nigeria (SAN) Rotimi Oyedepo, counsel to the EFCC, informed the court that the commission had complied with all procedural requirements following the interim forfeiture order granted on August 27.

The EFCC published the order, inviting any 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 stated.

Although a lawyer, Mr. Gbenga Akande, had previously appeared in court claiming to represent an interested party, he declined to disclose the identity of his client and failed to file any documents to support their claim.

On the adjourned date, Akande was absent, and another lawyer, Darlington Ozurumba, appeared in court 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 submitted.

Justice Nwite, after reviewing the application and supporting affidavits, ruled in favor of the EFCC. “I am of the view that the application is meritorious. Consequently, the application is granted,” he declared.

According to an affidavit filed by EFCC investigator Emmanuel Okeibunor, the commission received credible intelligence indicating that $7 million had been transported under suspicious circumstances to the Bank’s Victoria Island branch in Lagos between March 25 and 26.

The investigation revealed that the funds were not credited to any known customer account but were instead kept in the bank’s vault without proper documentation. Interviews with bank staff suggested that the money was brought in on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited.

However, the company’s Managing Director denied depositing any funds and claimed instead that she had taken a $7 million loan from the Bank, which remained unpaid.

The bank reportedly failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), raising further concerns about the legitimacy of the transaction.

The EFCC recovered the funds in raw cash and transferred them to the Central Bank of Nigeria for safekeeping.

Given the absence of any legitimate claimants and the suspicious nature of the transaction, the commission sought and secured the final forfeiture.

Note: This article has been updated to redact the name of the bank to avoid potential issues, particularly those that may affect its customers.