A Federal High Court in Abuja has ordered the final forfeiture of $7 million in cash found hidden in a commercial bank on Victoria Island, Lagos.
Justice Emeka Nwite issued the ruling after the Economic and Financial Crimes Commission (EFCC) filed an application seeking to make permanent an earlier interim forfeiture order granted on August 27.
The EFCC, represented by Senior Advocate of Nigeria Rotimi Oyedepo, told the court that the funds discovered in March were abandoned and suspected to be proceeds of unlawful activity. He noted that the interim order was published in a national newspaper as directed, yet no individual or company came forward to claim the money.
Although two lawyers had earlier indicated interest on behalf of unnamed parties, neither filed the required affidavits nor appeared during subsequent hearings. Justice Nwite ruled that since the application was unopposed, there was no reason to reject it.
According to court filings, EFCC investigators traced the funds to the bank’s vault at its Adeola Odeku branch. The money, delivered in tranches by two couriers, was handed to a cash officer, Agba Emmanuel Fortune. Investigations later linked the transaction to a bank relationship officer, Ifeoma Delphine Nwogbo, who claimed the cash was deposited on behalf of a company’s managing director. The director, however, denied ownership, insisting instead that she had only taken a $7 million loan from the bank, which remains unpaid.
The EFCC said the bank failed to file a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit, further raising concerns over the legitimacy of the funds. The money has since been moved to the Central Bank of Nigeria for safekeeping.
With Monday’s ruling, the $7 million has now been permanently forfeited to the Federal Government.
