Details have emerged on how operatives of the Economic and Financial Crimes Commission (EFCC) stormed the Lagos headquarters of Providus Bank and arrested staff in connection with a suspicious $7 million cash deposit.
Raid on Providus Bank
The raid, which took place in March 2025 at the Victoria Island office of the bank, followed intelligence from an insider who raised the alarm over an unusual movement of funds. Investigators said the money was paid into the bank’s vaults in raw cash on March 26 and 27 instead of being credited to a customer’s account, a transaction pattern that immediately raised suspicions of money laundering.
When questioned, some employees of the bank allegedly pointed to Abuja businesswoman, Mrs. Aisha Achimugu, Chief Executive of Ocean Gate Petroleum, as the real owner of the funds. However, when invited by the anti-graft agency, Achimugu denied ownership, insisting that what existed was a $7 million loan facility she had yet to repay.
Seizure and Forfeiture Process
Following the discovery, EFCC operatives seized the funds and detained staff for interrogation. The Commission later placed public notices in national newspapers inviting anyone with legitimate ownership to step forward. No claims were made within the stipulated period, leading the EFCC to move the money to the Central Bank of Nigeria for custody.
On Monday, Justice Emeka Nwite of the Federal High Court in Abuja granted the Commission’s motion for final forfeiture, making the $7 million the permanent property of the Federal Government.
EFCC counsel, Rotimi Oyedepo (SAN), told the court that due process had been observed since an interim forfeiture order was issued on August 27. “My Lord, since that date, no individual or entity has come forward to challenge our application. That is why we filed for a final forfeiture,” he said. Lawyers who made a brief appearance in court failed to file formal objections, paving the way for the ruling.
Link to SunTrust Case
The development comes amid ongoing EFCC proceedings against Achimugu in another case involving $12 million allegedly laundered through SunTrust Bank officials, including its Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu.
At the last sitting, a bureau de change operator, testifying as the first prosecution witness, told the court he received the cash in tranches between March 10 and 24, 2025. According to him, the transactions were handled entirely in cash without passing through any bank account. He further disclosed that Achimugu had earlier handed him another $1.8 million for conversion into naira.
The EFCC is prosecuting the matter on a six-count charge of money laundering, and the trial continues before Justice Nwite.
