Justice Emeka Nwite of the Federal High Court, Abuja, has ordered the final forfeiture of seven million dollars recovered by the Economic and Financial Crimes Commission, EFCC, to the Federal Government.
Justice Nwite gave the ruling on Monday after EFCC’s counsel, Rotimi Oyedepo, SAN, moved an application for final forfeiture of the funds.
Oyedepo recalled that on August 27 the court granted an interim order to freeze the sum. He said EFCC complied with the directive by publishing the order to allow interested parties to show cause why the money should not be permanently forfeited. An affidavit of compliance was filed on September 3.
He explained that since the interim order was granted, no opposition had been filed, which led to the application for final forfeiture.
At the last hearing, a lawyer, Mr Gbenga Akande, appeared for an unnamed interested party but failed to disclose his client despite pressure from the court and opposing counsel. He promised to file an affidavit to show cause. The court adjourned the matter until September 15.
However, when the case resumed on Monday, Akande was absent. Another lawyer, Darlington Ozurumba, appeared for an interested party but said: “On our part, we are not opposing 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.
Justice Nwite held that the application was meritorious and ordered the funds forfeited to 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,” he ruled.
An affidavit in support of the motion, marked FHC/ABJ/CS/1763/2025 and deposed to by EFCC investigator Emmanuel Okeibunor, stated that the commission received credible intelligence that seven million dollars had been conveyed in suspicious circumstances to Providus Bank Limited, Lagos.
Okeibunor said investigations confirmed the money was kept in the bank’s vault between March 25 and 26, without being credited to any customer’s account. Staff alleged it was deposited on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited, who denied the claim but admitted to taking a loan of seven million dollars from the bank.
He added that Providus Bank failed to file a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit and that the funds, recovered in cash and deposited with the Central Bank of Nigeria, were suspected proceeds of unlawful activity.
$7m abandoned in Providus Bank forfeited to Nigerian government