The Federal High Court in Abuja has ordered the final forfeiture of seven million U.S. dollars recovered by the Economic and Financial Crimes Commission (EFCC) from Providus Bank to the Federal Government.
Justice Emeka Nwite delivered the ruling on Monday after EFCC’s counsel, Rotimi Oyedepo, SAN, moved an application seeking the order.
Mr. Oyedepo recalled that the court had, on August 27, granted an interim freezing order on the funds and directed the commission to publish the ruling for any interested parties to show cause.
He told the court: “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.”
Although lawyer Gbenga Akande had appeared for an unnamed party at an earlier hearing, promising to file an affidavit to show cause, he failed to present the documents. At Monday’s sitting, another lawyer, Darlington Ozurumba, appeared for an interested party but declared: “On our part, we are not opposing the application.”
Mr. Oyedepo then urged the court to grant the final order, saying: “The party showing interest at the last adjourned date was represented by Gbenga Femi Akande, Esq.”
Justice Nwite upheld the EFCC’s application, ruling: “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.”
The judge then ordered the final forfeiture of the funds to the Federal Government.
In an affidavit deposed to by EFCC investigator Emmanuel Okeibunor, the commission said it acted on credible intelligence that seven million dollars was suspiciously conveyed to and kept in Providus Bank’s vault between March 25 and 26, without being credited to any customer’s account.
Mr. Okeibunor stated: “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 further disclosed that bank staff alleged the money was deposited on behalf of Oceangate Engineering Oil and Gas Limited, though the company’s managing director denied taking any such cash to the bank.
Instead, she claimed to have obtained a $7 million loan from Providus Bank which was yet to be repaid.
The EFCC said the bank failed to file a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit (NFIU), and the funds were reasonably suspected to be proceeds of unlawful activity.
The affidavit added: “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.”
According to the EFCC, the cash has since been deposited at the Central Bank of Nigeria for safekeeping.