Abuja, Nigeria | Tuesday, September 16, 2025
A Federal High Court in Abuja has ordered the final forfeiture of $7 million discovered in a vault at Providus Bank to the Federal Government.
The ruling, delivered on Tuesday, followed an application filed by the Economic and Financial Crimes Commission (EFCC), which argued that the funds were suspected to be proceeds of unlawful activities. The anti-graft agency had earlier secured an interim forfeiture order pending investigations.
In its judgment, the court held that no credible claims were made to establish legitimate ownership of the money, thereby granting the EFCC’s request for permanent forfeiture in favour of the government.
The development underscores the Federal Government’s ongoing anti-corruption campaign and asset recovery drive, with authorities vowing to intensify efforts to trace and seize funds linked to financial crimes.
Legal analysts note that the judgment reinforces the powers of anti-graft institutions in recovering illicit wealth but also raises fresh questions about due diligence within Nigeria’s banking sector.
