The Federal High Court in Abuja has ordered the final forfeiture of $7 million discovered abandoned in Providus Bank to the Federal Government.
Justice Emeka Nwite granted the order following an application by the Economic and Financial Crimes Commission (EFCC). The judge ruled that the funds, which had been under interim forfeiture since August 27, should now be permanently transferred to the government.
The EFCC told the court that the money was suspiciously moved into the bank’s vault between March 25 and 26 without being credited to any customer account. According to investigators, the funds were kept without proper documentation and were never reported to the Nigerian Financial Intelligence Unit as required by law.
Counsel to the EFCC, Rotimi Oyedepo, explained that no party had filed an affidavit opposing the application for forfeiture. Although a party had previously appeared in court, it failed to contest the motion. Justice Nwite therefore found the EFCC’s request valid and granted the order.
The commission argued that the funds were suspected to be proceeds of unlawful activities, noting that their manner of lodgment and storage raised serious compliance concerns. The money has since been transferred to the Central Bank of Nigeria for safekeeping.
By declaring the funds abandoned, the court underscored the government’s commitment to tackling illicit financial flows and reinforcing accountability in the banking sector.
This ruling sends a strong signal that unclaimed or improperly handled funds may be seized by the state, especially when no credible ownership is established.
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