The Federal High Court in Abuja has mandated the permanent forfeiture of $7 million recovered from the vault of Providus Bank Limited to the Federal Government, following an application by the Economic and Financial Crimes Commission that described the funds as suspected proceeds of unlawful activity.

Justice Emeka Nwite delivered the ruling on Monday, September 15, 2025, after EFCC counsel Rotimi Oyedepo (SAN) confirmed compliance with an interim order granted on August 27. The commission had published the interim order to invite objections, but none materialized. Oyedepo noted that no opposition was received, prompting the motion for final forfeiture. Although lawyer Gbenga Akande briefly represented an unnamed interested party, he provided no supporting documents, and neither he nor substitute Darlington Ozurumba contested the application.

EFCC investigator Emmanuel Okeibunor detailed in an affidavit that intelligence led to the discovery of the cash, transported suspiciously to Providus Bank's Victoria Island branch on March 25-26. The funds were stored in the vault without crediting any customer account or proper records. Bank staff indicated the money belonged to Oceangate Engineering Oil and Gas Limited's Managing Director, who denied depositing it and claimed an unpaid $7 million loan instead. The bank failed to file a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit, heightening suspicions.

Okeibunor asserted the money lacked provable legitimate origins for Oceangate, the couriers, or the bank. The EFCC seized the raw cash and transferred it to the Central Bank for safekeeping. With no valid claimants, Nwite deemed the application meritorious and granted the forfeiture.

The decision reinforces judicial support for anti-corruption drives and financial transparency, highlighting banks' obligations under the Money Laundering (Prohibition) Act to report suspicious activities. Providus Bank, involved in a proposed merger with Unity Bank, has not commented publicly. The ruling precedes Unity Bank's September 26 shareholder meeting on the merger, where shareholders will vote on asset transfers and payouts, including N3.18 per Unity share or 18 Providus shares for every 17 Unity shares.