The Federal High Court in Abuja, Nigeria, presided over by Justice Emeka Nwite, granted a final forfeiture order for $7 million in cash recovered by the Economic and Financial Crimes Commission (EFCC) from a vault at Providus Bank Limited’s branch in Ikoyi, Lagos. The funds were linked to Oceangate Engineering Oil and Gas Limited and were suspected to be proceeds of unlawful activities, specifically money laundering, as outlined in Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution of Nigeria.The EFCC’s investigation began after receiving intelligence about the funds being stored at the bank.

On August 27, 2025, the court issued an interim forfeiture order, requiring the EFCC to publish a notice in a national newspaper, giving any legitimate claimants 14 days to come forward. No credible claims were made despite the publication, leading the EFCC to file for final forfeiture. During the court proceedings, EFCC’s counsel, Usman Ishaq, presented evidence that the funds were abandoned, and no lawful owners had emerged. The court found the application meritorious and ordered the $7 million to be permanently forfeited to the Federal Government of Nigeria.

Additionally, the EFCC highlighted its broader efforts in combating financial crimes, noting that between September 2024 and August 2025, it secured 3,455 convictions and recovered significant assets, including N248,349,360,198.93, $204,532,423.22, £6,033,209.73, €742,904.21, and other foreign currencies, alongside non-monetary assets like vehicles and properties. The forfeiture of the $7 million was part of these efforts to curb illicit financial activities.