The Federal High Court in Lagos has ordered the final forfeiture of $7 million (₦11.2 billion) to the Federal Government after investigators traced the funds to Providus Bank’s vaults under suspicious circumstances.
Justice Emeka Nwite issued the ruling on Monday following an application by the Economic and Financial Crimes Commission (EFCC), which argued that the cash was suspected proceeds of unlawful activity.
How the funds were discovered
According to investigators, the raw cash was deposited directly into Providus Bank’s Victoria Island headquarters vaults on March 26 and 27, 2025, instead of being credited to a customer’s account.
An internal whistleblower alerted the EFCC, leading operatives to storm the bank. Several staff members were detained for questioning, and the cash was later recovered and moved to the Central Bank of Nigeria (CBN) for safekeeping.
The EFCC accused Providus Bank of failing to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU) despite red flags surrounding the transaction.
Aisha Achimugu named in probe
During interrogation, bank staff allegedly linked the funds to Aisha Achimugu, Chief Executive Officer of Ocean Gate Petroleum. Achimugu reportedly denied ownership, insisting she only took a loan of $7 million from the bank.
However, EFCC investigators argued that the manner of the deposit was unusual and raised red flags of possible money laundering.
Court proceedings
EFCC counsel Rotimi Oyedepo (SAN) told the court that due process was followed after an interim forfeiture order was secured on August 27 and public notices were published inviting any objections.
“No one has filed any opposition to the application,” Oyedepo said, urging the court to grant final forfeiture.
Although a lawyer, Gbenga Akande, had initially claimed to represent an interested party, he failed to disclose his client or submit documents. Another lawyer, Darlington Ozurumba, later appeared but raised no objection.
Related case: SunTrust Bank executives on trial
The case also ties into an ongoing $12 million money laundering trial involving SunTrust Bank executives, Halima Buba (MD/CEO) and Innocent Mbagwu (Chief Compliance Officer).
A prosecution witness, a bureau de change operator, testified that he received $12 million in cash from Achimugu between March 10 and 24, 2025, facilitated through SunTrust Bank’s Abuja and Lagos branches.
He admitted none of the funds went through his bank accounts, despite maintaining naira and dollar accounts, and that transactions were conducted outside formal banking channels.
The EFCC alleges the transactions were part of a wider laundering scheme linked to Achimugu, who has faced multiple investigations in recent years.
