A Federal High Court sitting in Abuja has ordered the final forfeiture of $7 million discovered in the vault of a Providus Bank branch in Ikoyi, Lagos.
Justice Emeka Nwite gave the ruling on Monday after hearing an application brought by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency had earlier secured an interim forfeiture order on August 27.
According to the EFCC, the money was allegedly linked to the managing director of Oceangate Engineering Oil and Gas Limited, a company owned by a well-known society woman who is currently on trial for corruption-related offences.
Court proceedings revealed that while lawyers initially appeared claiming to represent an “interested party,” no one eventually contested the forfeiture application.
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Counsel to the EFCC, Rotimi Oyedepo, argued that the funds had no traceable ownership and were suspected proceeds of unlawful activities.
In his affidavit, EFCC investigator Emmanuel Okeibunor stated that the $7 million was secretly lodged in the bank’s vault without being credited to any customer’s account.
Some bank staff claimed the funds were deposited on behalf of the company’s managing director, though she denied involvement, insisting instead that she had taken a loan of the same amount from the bank.
Justice Nwite, ruling that the EFCC had provided sufficient evidence, ordered the money permanently forfeited to the federal government.