Fraud: EFCC expands Providus Bank investigation

 

The EFCC (Economic and Financial Crimes Commission) has widened its probe into Providus Bank and its CEO, Walter Akpani,

after a whistleblower alerted the agency to a hidden $7 million in the bank's vaults. The funds, which were not deposited in any customer account, were discovered and subsequently forfeited to the Nigerian government by court order. The widened probe focuses on the bank's failure to file a Suspicious Transaction Report (STR) for the funds with the Nigerian Financial Intelligence Unit (NFIU). 

The ex parte application was supported by an affidavit deposed by Emmanuel Okeibunor, an EFCC investigator, who stated that the agency had received a credible report alleging that $7 million was transferred under suspicious circumstances and stored at the Providus Bank branch.

Investigation revealed that the sum was not credited to any customer account but was kept in the bank’s vault.

Bank staff interviewed suggested that the money had been brought to the bank on behalf of the managing director of Oceangate engineering oil and gas limited.

Okeibunor said, “My team interviewed the managing director of Oceangate engineering oil and gas limited, in respect of the seven million dollars, who insisted that she did not take any money to Providus Bank.

“My team was equally informed by the managing director of Oceangate Engineering Oil and Gas Limited that she took a loan of seven million dollars from Providus Bank Limited, which she is yet to pay back to the bank.

“That Providus Bank Limited did not file a suspicious transaction report (STR) to the Nigerian Financial Intelligence Unit (NFIU) in respect of this transaction.

“That the funds sought to be forfeited are reasonably suspected to be proceeds of unlawful activity, as they did not represent known, provable, and legitimate income of either Oceangate Engineering oil and gas limited, the couriers, or officials of Providus Bank Limited.

“The funds sought to be forfeited are also reasonably suspected to have been abandoned, as nobody came forward to claim the funds from the Providus Bank Limited or the commission that recovered the same.”