Court Orders Forfeiture of $7 Million in Providus Bank Recovered by EFCC to Federal Government

The Federal High Court, Abuja Division, has ordered the final forfeiture of $7 million recovered by the Economic and Financial Crimes Commission (EFCC) from Providus Bank Limited to the Federal Government of Nigeria.

Delivering the ruling, Justice Emeka Nwite held that the EFCC’s application was meritorious and thus granted the request for forfeiture of the funds.

The EFCC had earlier obtained an interim forfeiture order from the court on August 27, 2025 to freeze the sum. Following the court’s directive, the EFCC published the interim order to invite interested parties to show cause why the final forfeiture should not be made.

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According to Rotimi Oyedepo (SAN), counsel to the EFCC, an affidavit of compliance was filed on September 3, 2025, confirming adherence to the court’s directive.

When the matter was called on Monday, no party opposed the application. Although Gbenga Akande, counsel to an unnamed interested party, had earlier promised to file an affidavit and other documents, he failed to appear in court for the scheduled hearing.

Another lawyer, Darlington Ozurumba, later appeared but stated that he had no opposition to EFCC’s application. This paved the way for Mr. Oyedepo to move for the final forfeiture of the $7 million to the Federal Government.

After reviewing the affidavit evidence and the written address submitted by the EFCC, Justice Nwite ruled in favor of the anti-graft agency. In his judgment, he stated:

“I am of the view that the application is meritorious. Consequently, the application is granted.”

With this, the court officially transferred the ownership of the recovered funds to the Federal Government of Nigeria.

In an affidavit marked FHC/ABJ/CS/1763/2025 and deposed to by EFCC investigator Emmanuel Okeibunor, the commission revealed how the funds were discovered.

According to the affidavit:

• The EFCC received credible intelligence alleging that $7 million was conveyed to Providus Bank Limited in suspicious circumstances.
• The funds were kept in the bank’s vault between March 25 and 26 and were not credited to any known customer’s account.
• Some bank staff alleged that the money was brought in for Oceangate Engineering Oil and Gas Limited.
• The managing director of Oceangate denied taking the funds to Providus Bank but admitted to a $7 million loan from the bank, which remains unpaid.
• Providus Bank did not file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU) regarding the funds.

The EFCC maintained that the funds are reasonably suspected to be proceeds of unlawful activity, as they do not represent any known or legitimate income of Oceangate Engineering Oil and Gas Limited, its couriers, or Providus Bank officials.

The funds were recovered in raw cash by the EFCC’s team and deposited with the Central Bank of Nigeria for safekeeping, pending the court’s decision on forfeiture.

The affidavit also stated that the funds appeared to have been abandoned, as no one came forward to claim them either at Providus Bank or at the EFCC’s offices. This abandonment further strengthened the commission’s case for forfeiture to the Federal Government.

This ruling marks another milestone in Nigeria’s anti-corruption drive. By ordering the forfeiture of the funds to the Federal Government, the court reaffirmed the EFCC’s authority to recover and preserve assets suspected to be proceeds of illegal activities.

It also sends a strong signal to financial institutions and corporate bodies to strictly adhere to regulatory frameworks, including the timely filing of Suspicious Transaction Reports to the NFIU.

The decision of the Federal High Court in Abuja to forfeit $7 million recovered by the EFCC from Providus Bank underscores the Nigerian judiciary’s role in strengthening anti-corruption efforts. With no opposition from interested parties, the ruling paves the way for the Federal Government to assume ownership of the funds.

This case highlights the importance of transparency and compliance in Nigeria’s banking sector and the EFCC’s commitment to recovering illicit funds.