The Federal High Court in Abuja has ordered that $7 million recovered by Nigeria’s anti-graft agency be permanently forfeited to the state.
Justice Emeka Nwite issued the ruling on Monday following an application by EFCC lawyer, Rotimi Oyedepo, SAN. The agency had earlier secured an interim order on 27 August freezing the cash, which was traced to Providus Bank in Lagos.
The EFCC said it complied with the court’s directive to publish notices inviting objections. While a lawyer briefly appeared on behalf of an unnamed party, no affidavit challenging the forfeiture was filed. On Monday, another lawyer confirmed there was no opposition.
Court filings show EFCC investigators received intelligence in March that the money had been moved into Providus Bank “in suspicious circumstances” and stored in its vault rather than deposited into a customer account. The funds were allegedly linked to Oceangate Engineering Oil and Gas Limited, though the company’s managing director denied ownership.
The EFCC said the bank also failed to file a Suspicious Transaction Report with Nigeria’s financial intelligence unit. The $7 million was eventually recovered in cash and lodged with the Central Bank of Nigeria.
Justice Nwite ruled that the money was reasonably suspected to be illicit in origin and ordered its final forfeiture.
