Unclaimed Fortune: Court Orders Final Forfeiture Of $7 Million In Nigerian Bank

A Federal High Court in Abuja has ordered the permanent forfeiture of $7 million discovered abandoned in a commercial bank branch located at 114 Adeola Odeku Street, Victoria Island, Lagos.

Justice Emeka Nwite issued the ruling after hearing an application by the Economic and Financial Crimes Commission (EFCC), presented by Rotimi Oyedepo (SAN). The judge noted that an interim forfeiture order had earlier been granted on August 27, with a directive for its publication in a national daily. Following the publication on September 1, no claimant stepped forward to take ownership of the funds.

During the proceedings, a lawyer representing an interested party, Darlington Ozurumba, told the court he had no objection to the EFCC’s application. Another counsel, Gbenga Femi Akande, who had previously indicated interest on behalf of an unnamed party, failed to appear and did not file any counter-affidavit as promised. Consequently, Justice Nwite held that there was no opposition to the EFCC’s request and granted the application, ordering that the funds be forfeited to the Federal Government.

An affidavit filed in support of the application detailed how EFCC investigators, acting on credible intelligence, traced the $7 million to the bank, where it was allegedly deposited under suspicious circumstances between March 25 and 26. The money, according to investigators, was handed over to the bank’s Cash Officer, Agba Emmanuel Fortune, in tranches but was not credited to any customer’s account. Instead, it was concealed in the bank’s vault.

EFCC operatives revealed that Fortune admitted receiving the funds from Suleiman Sani and Idris Ahmed Olatunji, who physically brought in the cash. Further investigation identified Sani as Fagge Sani Sanusi, who also provided a statement. The bank’s Relationship Officer, Ifeoma Delphine Nwogbo, was said to have linked the money to a company’s managing director. However, the director denied bringing the funds to the bank, insisting instead that she had taken a $7 million loan from the institution which remained unpaid.

Investigators further observed that the bank failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), raising questions over the legitimacy of the funds. The EFCC concluded that the money represented proceeds of unlawful activity and, having been abandoned with no rightful owner coming forward, was fully recovered and lodged with the Central Bank of Nigeria (CBN) for safekeeping.