Federal High Court Orders Permanent Forfeiture of $7 Million Abandoned in Lagos Bank

EFCC Secures Court Approval to Retain Unclaimed Funds Left in Victoria Island Commercial Bank Branch

A Federal High Court in Abuja has ordered the final forfeiture of $7 million abandoned in a commercial bank branch at No. 114 Adeola Odeku Street, Victoria Island, Lagos, by unidentified individuals.

Justice Emeka Nwite issued the ruling on September 16, 2025, following an application by the Economic and Financial Crimes Commission (EFCC), represented by Rotimi Oyedepo (SAN).

Oyedepo noted that the court had issued an interim forfeiture order on August 27 and directed the EFCC to publish it in widely circulated newspapers. The commission complied on September 1, but no claimant came forward, prompting the request for permanent forfeiture.

Darlington Ozurumba, representing an interested party, confirmed he had no objection to the EFCC’s application. Meanwhile, a lawyer who previously promised to file opposition did not appear in court or submit any counter-affidavit.

Ruling on the application, Justice Nwite affirmed that the funds should be permanently forfeited to the Federal Government, as the application was unopposed.

According to a supporting affidavit, EFCC investigators recovered the money after tracking suspicious deposits made to the bank between March 25 and 26. The funds were handed to the bank’s cash officer before EFCC seized them.

Stay Updated with the Latest News – Follow Daily Observer on X (formerly Twitter) @DailyObserverNG