Providus Bank In N559M Fraud Mess as Customer Sues Them Over Disappeared Chunk Of Money

The Federal High Court that sits in Lagos has ordered one of the new generation banks, Providus Bank Limited, to transfer back the remaining balance of N329,454,650.28 alleged to have been fraudulently transferred from the account of one of the bank’s customers, Aqua 10 Nigeria Limited, awarding the cost of N100,000 against the bank and in favour of the plantiff.

The judgment of the court was sequel to a suit filed before it by Barrister Kelechi Chukwu on behalf of Aqua 10 Nigeria Limited against Providus Bank Limited and seven others, namely, Jethra Designs Investment Limited, Vacubeg Group of Companies Limited, Heroes Heights Construction Company Limited, Vacubeg Investment Limited, North Alta Trading Limited, Abiodun Shoyombo Trading under the name and style of Seatea Enterprises, Abiodun Afeez Adeyemi Trading under the name and style of Adeyemi Digital Enterprises.

In an affidavit sworn to by the Managing Director of the company, Oladipo Okuntola, he alleged that sometime between July 9th and July 12th, 2021, a total sum of N558,569,000 was removed from the account of his company in Providus Bank Limited to the account of Jethra Designs Investment Limited in another bank. The funds were moved in 8 tranches.

He said the funds were meant for the payment of goods to be purchased from HG Honkong Company Limited and New Silver Industry Company Limited in China, adding that the funds were again moved from the account of Jethra Designs Investment Limited to Vacubeg Group of companies limited.

Okuntola said thereafter, Vacubeg in turn moved the funds to the account of Heroes Heights Construction Company Limited, and that the funds were again moved by Heroes Heights Construction Company Limited account to Vacubeg Investment Limited.

He explained that Vacubeg Investment Limited, upon receiving the funds, moved them back to the account of Vacubeg Group of Companies Limited, and then Vacubeg Group of Companies Limited moved the funds to the account of North Alta Trading Limited.

He said the total sum of N329,454,650,296.28 was moved to the three accounts domiciled in Providus bank: North Altappq Trading Limited-N93,361,828.97; Abiodun Shoyombo Trading under the name and style of Seatea Enterprises-N185,133,525,.08; and Abiodun Afeez Adeyemi Trading under the name and style of Adeyemi Digital Enterprises-N50,959,296.23.

Subsequently, it was discovered that internet fraudsters were behind the companies and business names sued as 2nd to 8th defendants in this suit, and that the people behind the companies had fled from Nigeria.

“The matter was reported to Interpol, and through Interpol, the movement of the plaintiff’s funds and the persons involved in the fraud were traced.” The Plaintiff has requested that its funds traced to the 6th, 7th, and 8th defendants’ accounts in the Providus Bank, which is also the Plaintiff’s banker, be returned, but the bank is insisting that without the court’s directive or order, the bank will not return the Plaintiff’s funds traced to the 6th, 7th, and 8th defendants’ accounts in the Providus bank.

“That unless the Court intervenes, the Providus bank will not return the Plaintiff’s money traced by Interpol into the accounts of the 6th, 7th, and 8th defendants domiciled in the bank.” that it is in the interest of justice to grant this application.

“That the Defendants will not be prejudiced by the grant of this Originating Summons, more so, when the individuals behind the 2nd to 8th Defendants are on the run,” he said.

The bank’s counsel, Ifeoluwa Badejo, submitted that the bank reversed the sum of N50,700,000 from the account of the 6th defendant to the Economic and Financial Crimes Commission following the order issued by Justice Chukwujekwu Aneke, and that the same was not done with the intention of interfering with justice in this case.

In his judgement, Justice Lifu ordered as follows: that the first defendant, that is, Providus bank limited, “is hereby ordered or directed to move or transfer the plaintiff’s fund in the account of the 6th, 7th, and 8th defendants to the plaintiff’s account kept with her.

“Since the sum of N50,700,000 has so far been reversed, the remaining balance in the total sum of N329,454,650.28, that is, less the N50,700,000, should be transferred to the plaintiff’s account forthwith.”

“A cost of N100,000 is hereby awarded against Providus Bank Limited but in favour of Aqua 10 Nigeria Limited.”