Economic and Financial Crimes Commission (EFCC) has commenced investigation into Providus Bank over allegations of an unauthorized debit of N270 million from a customer’s account.
The investigation followed a petition filed by Cornerblock Services Limited, which accused the bank and one of its officials of possible involvement in the disputed transaction linked to funds belonging to Boon Sales & Marketing Limited.
According to court documents made available to journalists, Cornerblock Services had in December 2023 provided a N300 million blocked fund facility to Boon Sales & Marketing Limited to support a business transaction.
The agreement was subsequently formalised in January 2024, with N270 million from the facility reportedly credited into Boon Sales & Marketing Limited’s account domiciled with Providus Bank.
Cornerblock, however, alleged that the facility was created under strict operational conditions designed to safeguard the funds.
The company said the conditions included an irrevocable lien on the account as well as a joint signatory arrangement requiring its express approval before any withdrawal or debit transaction could be authorised.
It alleged that despite these controls, the N270 million was debited from the account without its consent or authorization, raising concerns over a possible breach of banking procedures and contractual obligations.
The firm, in its petition to the anti-graft agency, requested a thorough investigation into the circumstances surrounding the transaction and the role played by the financial institution and relevant officials.
Sources familiar with the matter said the EFCC had begun reviewing relevant account records, transaction authorisations, and communication trails linked to the disputed funds.
The anti-corruption agency is also expected to examine the possible involvement of other parties connected to the transaction as part of its wider investigation.
The case is likely to attract regulatory attention given the growing concerns around banking compliance, customer fund protection, and internal control mechanisms within Nigeria’s financial services sector.
Neither Providus Bank nor the EFCC had issued an official public statement on the matter as of the time of filing this report.
Industry analysts say the outcome of the investigation could have implications for banking risk management practices, particularly in transactions involving blocked funds, escrow arrangements, and lien-protected accounts.
Legal proceedings and regulatory review related to the matter are expected to continue as investigations progress.
