A Federal High Court sitting in Abuja has ordered the final forfeiture of $7 million (about ₦10.9 billion) to the Federal Government after no one came forward to claim the funds, which were found in suspicious circumstances in a commercial bank.
The judgment was delivered by Justice Emeka Nwite on Monday, following an application filed by the Economic and Financial Crimes Commission (EFCC) for the final forfeiture of the funds discovered at Providus Bank Limited, Lagos.
The EFCC, represented by Senior Advocate of Nigeria (SAN), Rotimi Oyedepo, had earlier obtained an interim forfeiture order on August 27, 2025, from the same court, giving interested parties time to explain the source of the funds and why they should not be permanently handed over to the Federal Government.
The anti-graft agency published the court order as required by law and filed an affidavit of compliance on September 3, 2025. According to Oyedepo, no person or organisation came forward with any credible claim or explanation regarding the ownership of the money.
“In view of the fact that there is no opposition, we apply for final forfeiture of the seven million U.S. dollars,” Oyedepo said during the court proceedings.
At the last court sitting, a lawyer identified as Gbenga Akande appeared on behalf of an unnamed party but failed to reveal the identity of his client, despite being urged to do so by the court and EFCC counsel. Akande promised to file a formal affidavit to show cause but never did.
When the case resumed on Monday, Akande was absent. Another lawyer, Darlington Ozurumba, appeared in court and told the judge he represented an interested party but had no objection to the EFCC’s application.
With no credible claim to the funds and no opposition to the application, Justice Nwite ruled in favour of the Federal Government.
“I have listened to the submission of the counsel for the 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,” Justice Nwite ruled.
In an affidavit filed with the court and marked FHC/ABJ/CS/1763/2025, EFCC investigator Emmanuel Okeibunor stated that the commission received credible intelligence about a suspicious transaction involving $7 million in cash being moved into Providus Bank in March 2025.
According to the affidavit, the money was taken into the bank’s vault between March 25 and 26, but was not credited to any customer’s account, which raised red flags.
Further investigation revealed that bank staff claimed the cash was deposited on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited. However, when questioned, the said Managing Director denied the deposit, although he admitted to taking a $7 million loan from Providus Bank.
The EFCC also accused Providus Bank of failing to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU) as required by law when such large sums of money are involved.
The anti-graft agency concluded that the funds were likely proceeds of unlawful activity, and the money—recovered in cash—has since been deposited with the Central Bank of Nigeria (CBN) for safekeeping.
The EFCC welcomed the court’s decision, describing it as a victory in the fight against economic crimes and money laundering. The agency also warned banks and financial institutions to always comply with anti-money laundering laws and to report suspicious transactions immediately.
“This case sends a strong message to financial institutions that aiding in hiding or moving large sums of money without proper documentation or reporting will not go unpunished,” a senior EFCC official said.
Under Nigeria’s laws, when money suspected to be from illegal sources is discovered and no one steps forward to prove legitimate ownership, the funds may be forfeited to the government after due process. The EFCC is empowered to trace, freeze, and recover proceeds of corruption, fraud, and other financial crimes.
