A federal high court in Abuja has ordered the final forfeiture of $7 million to the Federal Government, following an application by the Economic and Financial Crimes Commission (EFCC). The court’s decision came after the EFCC’s lawyer, Rotimi Oyedepo, moved for the final forfeiture of the funds, which were recovered from Providus Bank Limited in Lagos.
According to Oyedepo, the court had previously granted an interim order freezing the funds on August 27, and the EFCC had complied with the court’s directive by publishing the order and inviting interested parties to show cause why the final order should not be made. Despite this, no opposition was received, prompting the EFCC to apply for the final forfeiture.
The funds were reportedly recovered by the EFCC after it received a credible intelligence report alleging that the money was conveyed to the bank in suspicious circumstances. An investigation by the commission found that the funds were not credited to any known customer’s account but were instead kept in the bank’s vault. The investigation also revealed that the funds were allegedly brought to the bank on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited.
The EFCC’s investigator, Emmanuel Okeibunor, stated in an affidavit that the funds were reasonably suspected to be proceeds of unlawful activity, as they did not represent known, provable, and legitimate income of either the company or the bank officials involved. The funds have been recovered and taken to the Central Bank of Nigeria for safekeeping.
On Monday, another lawyer, Darlington Ozurumba, appeared in court representing an interested party, but he did not oppose the application for final forfeiture. Justice Emeka Nwite, who presided over the case, held that the application was meritorious and ordered the final forfeiture of the $7 million to the Federal Government.
The court’s decision highlights the ongoing efforts of the EFCC to recover funds suspected to be proceeds of unlawful activity and to forfeit them to the government. The case also underscores the importance of due diligence and compliance with financial regulations by banks and other financial institutions in Nigeria. With the final forfeiture of the $7 million, the Federal Government is set to receive a significant addition to its revenue, which can be used to fund public projects and services.
