The Federal High Court in Abuja has ordered the final forfeiture of seven million dollars linked to suspicious transactions at Providus Bank Limited to the Federal Government.
Justice Emeka Nwite, in his ruling on Monday, upheld an application by the Economic and Financial Crimes Commission (EFCC) seeking to permanently seize the funds.
The anti-graft agency had earlier secured an interim forfeiture order on August 27, following intelligence that the money was moved into the bank’s vault under questionable circumstances between March 25 and 26. Investigations revealed that the funds were neither lodged into any customer’s account nor reported as suspicious to the Nigerian Financial Intelligence Unit as required by law.
During the proceedings, EFCC counsel, Rotimi Oyedepo (SAN), informed the court that although lawyers had previously appeared on behalf of unnamed interested parties, none opposed the application. “In view of the fact that there is no opposition, we apply for final forfeiture of the seven million U.S dollars,” Oyedepo said.
An affidavit filed by EFCC investigator, Emmanuel Okeibunor, alleged that the funds were deposited on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited, who denied ownership but admitted to obtaining a loan of the same sum from the bank.
Justice Nwite, in granting the order, said the EFCC’s application was “meritorious” as no credible claimant had come forward to contest the interim order. He therefore directed that the recovered cash, already lodged with the Central Bank of Nigeria, be forfeited to the Federal Government.
