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