The Federal High Court in Lagos has ordered the final forfeiture of $7 million (about ₦11.2 billion) to the Federal Government, following an investigation by the Economic and Financial Crimes Commission (EFCC) into suspicious cash deposits at Providus Bank.
Justice Emeka Nwite delivered the ruling on Monday after granting the EFCC’s application, which argued that the funds were proceeds of unlawful activities. The court had earlier issued an interim forfeiture order on August 27, giving interested parties the opportunity to show cause why the money should not be permanently forfeited.
According to EFCC counsel, Rotimi Oyedepo (SAN), no opposition was filed within the stipulated period. “My lord, since August 27, when your lordship granted the order, to date, we have not received any opposition to our application. Hence, we filed a motion for final forfeiture,” Oyedepo told the court.
Investigations revealed that the $7 million was deposited in raw cash on March 26 and 27, 2025, directly into Providus Bank’s vault at its Victoria Island headquarters, instead of being credited to a customer’s account. A whistleblower working with the EFCC alerted the agency, prompting operatives to storm the bank’s premises, recover the funds, and transfer them to the Central Bank of Nigeria.
Providus Bank came under scrutiny for allegedly failing to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), despite red flags surrounding the deposit.
During questioning, bank staff reportedly linked the funds to businesswoman and socialite, Aisha Achimugu, Chief Executive Officer of Ocean Gate Petroleum. Achimugu, however, denied ownership, insisting she only obtained a $7 million loan from the bank which she had yet to repay.
Although lawyer Gbenga Akande initially appeared in court claiming to represent an interested party, he failed to disclose his client’s identity or file supporting documents. At a subsequent hearing, another lawyer, Darlington Ozurumba, appeared but did not oppose the EFCC’s application.
Meanwhile, Achimugu’s name has also surfaced in a separate $12 million money laundering case involving SunTrust Bank executives. In that trial, the first prosecution witness, a bureau de change operator, testified that between March 10 and 24, 2025, he received $12 million in cash from Achimugu for conversion, transactions allegedly facilitated through the bank’s Abuja and Lagos branches.
The EFCC is prosecuting Halima Buba, Managing Director of SunTrust Bank, and Innocent Mbagwu, the bank’s Chief Compliance Officer, on a six-count charge bordering on money laundering. The witness further told the court he also received $1.8 million from Achimugu in tranches, stressing that none of the funds passed through his bank accounts.
The forfeiture of the $7 million adds another layer to the ongoing investigations linking Achimugu to high-value cash movements across multiple banks.