Court Orders Final Forfeiture of ₦11.2 Billion Linked to Aisha Achimugu

A Federal High Court sitting in Abuja has issued a final forfeiture order for the sum of ₦11.2 billion (approximately $7 million), discovered under highly suspicious circumstances at Providus Bank’s Victoria Island headquarters in Lagos. The funds, found in raw cash, were deposited directly into the bank’s vault on March 26 and 27, 2025, but were never credited to any customer account.

The Economic and Financial Crimes Commission (EFCC) was alerted to the unusual transaction by an internal whistleblower working within the agency. Following the tip-off, EFCC operatives conducted an unannounced raid on the bank, seizing the cash and interrogating several staff members. During questioning, bank officials linked the money to Aisha Achimugu, a well-known businesswoman and CEO of Ocean Gate Petroleum, who is also an alleged ally of Lagos State Governor Babajide Sanwo-Olu.

Achimugu, who was invited by the EFCC for questioning, denied ownership of the cash, asserting that she had only taken a $7 million loan from Providus Bank which she had not yet repaid. Despite the denial, the EFCC published a public notice inviting anyone who could claim legitimate ownership of the funds to come forward. No claims were made.

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Justice Emeka Nwite presided over the case and ruled on September 16, 2025, that the funds be permanently forfeited to the Federal Government. Notably, the court observed that Providus Bank failed to file the required Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), raising further questions about the bank’s compliance with anti-money laundering regulations.

The seized funds have now been transferred to the Federal Government Account following the court’s ruling. The final forfeiture order brings to a close a case that has raised serious concerns over financial conduct and transparency in the banking and corporate sectors.