FG Secures Court Order to Seize $7 Million Found in Providus Bank Vault

The Federal Government has obtained a final court order to take possession of $7 million found in the vault of Providus Bank Limited during its merger with Unity Bank. The ruling by Justice Emeka Nwite of the Federal High Court in Abuja came after the EFCC proved that the funds were proceeds of unlawful activities, with no legitimate claimant contesting ownership.

The money, linked to Oceangate Engineering Oil and Gas Limited, was discovered in the bank's vault without proper documentation, despite attempts to move it between branches. The EFCC, represented by Rotimi Oyedepo SAN, highlighted the suspicious nature of the funds and the lack of legitimate ownership claims, leading to the court granting the final forfeiture order.