The Economic and Financial Crimes Commission (EFCC) has launched an investigation into Providus Bank Limited and one of its officials over the alleged unauthorized withdrawal of approximately N270 million from a customer’s account. The probe stems from a petition filed by Cornerblock Services Limited, which accused the bank of facilitating the disputed transaction.
According to the petition, the funds in question were linked to a financing arrangement involving Cornerblock and Boon Sales & Marketing Limited. Cornerblock stated that it granted a blocked fund facility of N300 million to Boon Sales in December 2023, under a credit agreement formalized in January 2024.
Out of the total facility, N270 million was reportedly disbursed into Boon Sales’ account domiciled with Providus Bank. Cornerblock maintained that the funds were subject to strict controls, including an irrevocable lien and a joint signatory mandate that required its authorization before any withdrawal could occur.
The company alleged that these conditions were violated when the funds were withdrawn without its knowledge or consent. It further claimed that documents purportedly used to lift the lien and authorize the transactions were forged, as they were neither signed nor approved by the company.
Cornerblock also raised concerns about possible internal involvement within the bank. It alleged that a Providus Bank staff member who managed the account and allegedly facilitated the transaction became unreachable shortly after the funds were moved.
The firm said it made repeated demands for the return of the funds, but these were ignored. As a result, it escalated the matter to the EFCC, citing the seriousness of the allegations, particularly claims of forgery and unauthorized financial activity.
Following the petition, the EFCC reportedly requested relevant documents and began investigating the circumstances surrounding the transaction. Cornerblock argued that the issues raised fall squarely within the commission’s mandate to probe financial crimes.
In response, Providus Bank has taken legal action to halt the investigation. The bank approached the Federal High Court in Lagos, seeking an order to restrain the EFCC from continuing its probe.
In its filing, the bank described the dispute as a civil and contractual matter rather than a criminal issue. It asked the court to prevent the anti-graft agency from further investigating, inviting, or summoning its officials in relation to the case.
Providus Bank also requested the court to nullify a letter dated December 19, 2025, in which the EFCC demanded documents concerning the transaction. The bank argued that the issues raised by Cornerblock relate to standard banking operations, including account mandates and corporate resolutions.
The bank insisted that no evidence of fraud or financial crime had been established in the petition. It further pointed to a prior review conducted by the Bankers’ Committee, an industry dispute resolution body operating under the Central Bank of Nigeria.
According to Providus Bank, the committee found no wrongdoing on its part after examining the case. However, Cornerblock disputed the relevance of this review, arguing that the committee lacks the authority to determine criminal liability or investigate allegations of financial crime.
The case now places the EFCC, Providus Bank, and Cornerblock Services at the center of a legal and regulatory dispute, with the court expected to determine whether the anti-graft agency can proceed with its investigation.
