The Digest:
The Federal High Court in Abuja has permanently forfeited $7 million discovered in Providus Bank’s vault to the Federal Government, ruling that the funds are likely proceeds of unlawful activities. The EFCC successfully argued that the money, moved under suspicious circumstances, lacked legitimate ownership.
Key Points
- The $7 million was recovered from Providus Bank’s Victoria Island branch in Lagos.
- EFCC investigation revealed the funds were not linked to any customer account and lacked documentation.
- The bank failed to file a Suspicious Transaction Report (STR) with the NFIU.
- Oceangate Engineering Oil and Gas Limited’s MD denied depositing the money, claiming an unpaid loan.
- No interested party contested the forfeiture despite court invitations.
- Justice Emeka Nwite granted the final forfeiture due to the absence of opposition and merit in EFCC’s application.
- The funds will be transferred to the Federal Government.
This case highlights systemic vulnerabilities in financial oversight and the judiciary’s role in reclaiming suspicious assets, reinforcing the ongoing battle against money laundering and illicit financial flows.
Sources: Nairametrics, TheCable
