September 16, (THEWILL) — A Federal High Court in Abuja has ordered the final forfeiture of $7 million discovered in the vault of a Providus Bank branch in Ikoyi, Lagos, to the Federal Government.
Justice Emeka Nwite issued the ruling on Monday after the Economic and Financial Crimes Commission (EFCC) moved an application for the permanent forfeiture of the funds to the federal government.
The anti-graft agency said the money was linked to Oceangate Engineering Oil and Gas Limited.
According to EFCC, the funds were not credited to any known customer’s account but were kept in the bank’s vault under suspicious circumstances.
THEWILL recalls that Oceangate CEO, Aisha Achimugu, is currently facing a case of money laundering.
An investigator, Emmanuel Okeibunor, stated in an affidavit that the bank failed to file a suspicious transaction report with the Nigerian Financial Intelligence Unit (NFIU).
According to Okeibunor, bank staff claimed the money was kept on behalf of the company’s managing director, who in turn denied depositing it. She claimed instead that the sum represented a loan she obtained from Providus Bank, which she had yet to repay.
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