Court gavel
In a significant ruling, the Federal High Court in Abuja, on Monday, September 15, 2025, mandated the final forfeiture of $7 million recovered by the Economic and Financial Crimes Commission (EFCC) to the Federal Government of Nigeria.
Justice Emeka Nwite issued the order following an application by EFCC’s counsel, Rotimi Oyedepo, SAN, who sought the permanent forfeiture of the funds.
Oyedepo noted that on August 27, 2025, the court had granted an interim freeze of the sum, and the EFCC had since complied with the court’s directive to publicize the order, allowing interested parties to contest the forfeiture.
“My lord, since August 27 when your lordship granted the interim order, no opposition has been received,” Oyedepo stated, as reported by the News Agency of Nigeria (NAN).
An affidavit filed on September 3 confirmed the EFCC’s compliance with the court’s instructions.
Although a lawyer, Gbenga Akande, had previously appeared on behalf of an undisclosed party during a hearing on September 12, promising to file a response, he was absent from the Monday session. Another lawyer, Darlington Ozurumba, who represented an interested party, did not oppose the forfeiture application.
“On our part, we are not opposing the application,” Ozurumba told the court.
Justice Nwite, finding the application meritorious, declared, “I am of the view that the application is meritorious.
Consequently, the application is granted,” ordering the $7 million to be forfeited to the Federal Government.
According to an affidavit supporting the EFCC’s ex-parte motion (FHC/ABJ/CS/1763/2025), EFCC investigator Emmanuel Okeibunor revealed that the commission acted on intelligence indicating that the $7 million was suspiciously deposited at Providus Bank Limited in Lagos between March 25 and 26, 2025.
Okeibunor stated, “The sum was not credited to any known customers’ account but was surreptitiously kept in the bank’s vault.” Investigations pointed to possible ties with the Managing Director of Oceangate Engineering Oil and Gas Limited, who denied involvement but admitted to an outstanding $7 million loan from the bank.
Notably, Providus Bank failed to file a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit (NFIU).
Okeibunor further noted, “The funds sought to be forfeited are reasonably suspected to be proceeds of unlawful activity,” adding that the cash, now held by the Central Bank of Nigeria, appeared abandoned as no one had claimed it.
The court’s ruling marks a significant step in Nigeria’s efforts to combat financial crimes and recover illicit assets.
