N559m fraud hits Providus Bank, details how the money disappeared from customer’s account

“The matter was reported to the 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 who is also the Plaintiff’s bankers 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 same was not done with intention of interfering with justice in this case.

Justice Lifu in his judgement, 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.”