Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has launched an investigation into Providus Bank Limited following allegations of an unauthorized withdrawal of ₦270 million from a customer’s account.
The probe was triggered by a petition filed by Cornerblock Services Limited, which accused the bank and one of its officials of complicity in the disputed transaction involving funds held in the account of Boon Sales & Marketing Limited.
According to court filings, Cornerblock disclosed that it granted a ₦300 million blocked fund facility to Boon Sales & Marketing Limited in December 2023, under a credit agreement finalized in January 2024. From this facility, ₦270 million was reportedly disbursed into Boon Sales’ account domiciled with Providus Bank.
Cornerblock further stated that the funds were governed by stringent conditions, including an irrevocable lien and a joint signatory mandate, requiring its explicit consent before any withdrawal could be executed. The company alleges that these conditions were breached in the withdrawal of the ₦270 million now under investigation.
The EFCC’s inquiry is expected to examine the roles of the bank, its officials, and all parties connected to the transaction, as legal proceedings and regulatory scrutiny intensify.
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