PicNews
A Federal High Court in Abuja has ordered the final forfeiture of $7 million abandoned in a commercial bank’s vault in Victoria Island, Lagos, to the Federal Government. The Economic and Financial Crimes Commission (EFCC) had applied for the forfeiture, suspecting that the funds were proceeds of unlawful activity.
The EFCC’s investigation revealed that the money was delivered to the bank’s cash officer, Agba Emmanuel Fortune, in tranches by two couriers, Suleiman Sani and Idris Ahmed Olatunji, between March 25 and 26, 2025. However, the funds were not credited to any customer’s account but were instead secretly kept in the bank’s vault. The bank’s Relationship Officer, Ifeoma Delphine Nwogbo, claimed the funds belonged to a company’s managing director, but the director denied this, stating she had only taken a $7 million loan from the bank that she had not yet repaid.
The EFCC faulted the bank for not filing a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), given the unusual nature of the transaction. Justice Emeka Nwite granted the EFCC’s application for final forfeiture, stating that since no one had come forward to claim the money despite the publication of the interim order in a national newspaper, there was no reason to reject the application.
The $7 million has been recovered by the EFCC and deposited with the Central Bank of Nigeria (CBN) for safekeeping. A senior lawyer commented that this judgment signals that unclaimed funds or suspicious cash lodgments will not be allowed to sit idle in the financial system. If you cannot prove ownership or legitimacy, the law allows the government to take it over.
The court’s decision underscores the government’s commitment to tackling financial crimes and ensuring that suspicious funds are not left untouched in the financial system. The EFCC’s efforts to recover and forfeit the funds demonstrate its dedication to preventing the circulation of illicit funds in the economy.
