… Abuja Socialite Arrested in April Denies Link to $7m cash Stashed in Providus Bank Vault
…Cash Forfeited to FG
By John Paul
The Federal High Court in Abuja has ordered the final forfeiture of $7 million (about ₦11.2 billion) recovered by the Economic and Financial Crimes Commission (EFCC) to the Federal Government, bringing to a close one of the most curious cases of unclaimed funds in recent memory.
Justice Emeka Nwite issued the order on Monday after EFCC’s lawyer, Rotimi Oyedepo (SAN), applied for final forfeiture, noting that no party had credibly come forward to claim ownership of the funds.
The court had earlier, on August 27, granted an interim order freezing the money pending the appearance of interested parties. The EFCC published the order as directed, inviting anyone with legitimate interest to show cause. But weeks later, no claim was substantiated.
At a previous sitting, a lawyer, Gbenga Akande, appeared in court claiming to represent an unnamed interested party but failed to disclose the identity of his client despite pressure from both the EFCC and the judge. He promised to file documents but never did. When the matter was recalled on Monday, another lawyer, Darlington Ozurumba, appeared but admitted he was not opposing the EFCC’s application.
With no objection on record, Justice Nwite ruled in favour of the EFCC. “I am of the view that the application is meritorious. Consequently, the application is granted,” he said, ordering the funds forfeited to the Federal Government.
According to EFCC investigator Emmanuel Okeibunor, who deposed to the affidavit in support of the motion, the commission had received credible intelligence that $7 million was secretly conveyed to Providus Bank Limited, Victoria Island, Lagos, between March 25 and 26, 2025. Investigations revealed the money was not lodged into any customer account but was instead stashed in the bank’s vault “in suspicious circumstances.”
Bank staff reportedly told investigators the funds were brought on behalf of the Managing Director of Oceangate Engineering Oil and Gas Limited. But the MD denied ever taking such funds to the bank, claiming instead that she owed the bank a $7 million loan that was yet to be repaid.
The EFCC further alleged that Providus Bank failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU) regarding the transaction. The funds, investigators argued, did not represent any known or provable legitimate income, raising suspicions that they were proceeds of unlawful activity.
The cash was eventually recovered from the bank’s vault and deposited with the Central Bank of Nigeria for safekeeping. With no claimant stepping forward, the court has now handed the money to the federal treasury.
A preliminary search into the ownership of Oceangate revealed that the company is controlled by Abuja socialite and businesswoman ( Name Withheld), who was declared wanted by the EFCC in March over allegations of criminal conspiracy and money laundering.
She was eventually arrested in April upon her return from London and detained by EFCC operatives. The businessman was brought to the Federal High Court in Abuja on April 30, in compliance with an order by Justice I.E. Ekwo directing her to appear before both the EFCC and the court. She has since faced questioning over multiple financial transactions.