The Federal High Court in Lagos has ordered the final forfeiture of $7 million (about ₦11.2 billion) to the Federal Government after the funds were discovered at Providus Bank under suspicious circumstances.
Justice Emeka Nwite gave the ruling on Monday following an application by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency had earlier secured an interim forfeiture order in August and published notices calling on anyone with legitimate ownership of the money to come forward. No claimant appeared.
Investigations showed that the cash was deposited in raw currency on March 26 and 27 into the bank’s vaults, without being credited to any customer’s account.
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EFCC sources said the transaction was flagged by an internal whistleblower, leading operatives to storm the bank’s Victoria Island headquarters. Some staff were taken in for questioning.
During interrogation, bank staff reportedly linked the money to businesswoman Aisha Achimugu, CEO of Ocean Gate Petroleum, who denied depositing the funds. She claimed instead that she had borrowed $7 million from the bank and had yet to repay it. With no verifiable claimant, the court granted EFCC’s application for final forfeiture.
The case has also drawn attention to Providus Bank, which is accused of failing to file a Suspicious Transaction Report despite the unusual nature of the deposit. The EFCC confirmed the cash has since been moved to the Central Bank of Nigeria.
Justice Nwite ruled that the funds were suspected proceeds of unlawful activity and should be permanently forfeited to the Federal Government.
