Nigeria’s Economic and Financial Crimes Commission (EFCC) has launched a probe into Providus Bank Limited after a corporate client alleged that ₦270 million was improperly withdrawn from a controlled account without authorization.
The investigation follows a formal petition by Cornerblock Services Limited, which claims the bank and one of its staff members were complicit in a suspicious transaction involving funds held in the account of Boon Sales & Marketing Limited.
Court documents reveal that Cornerblock extended a ₦300 million blocked fund facility to Boon Sales & Marketing Limited in December 2023, with a credit agreement formally executed in January 2024. Of that sum, ₦270 million was channeled into the company’s Providus Bank-domiciled account.
Cornerblock maintains that strict conditions governed the funds, including an irrevocable lien and a joint signatory clause meaning no withdrawal could lawfully proceed without its express approval. The firm alleges those safeguards were deliberately bypassed when the ₦270 million was moved.
The EFCC is expected to scrutinize the conduct of the bank, its personnel, and all parties tied to the transaction as both legal and regulatory pressure continues to mount.
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