EFCC Storms Providus Bank HQ, Arrests Officers Over Suspicious $7m Money Deposit

Particulars have emerged on how operatives of the Financial and Monetary Crimes Fee (EFCC) stormed Providus Bank head workplace in Victoria Island, Lagos and arrested the financial institution’s officers over a suspicious $7 million money deposit.

Based on sources, the raid adopted a tipoff from an inside whistleblower who alerted the EFCC about uncommon money transactions on the financial institution’s vaults. The funds had been reportedly deposited in uncooked money on March 26 and 27, 2025, quite than credited into any buyer account — a crimson flag for cash laundering.

Investigations nonetheless linked the cash to the embattled Abuja businesswoman, Aisha Achimugu who’s the chief government officer of Ocean Gate Petroleum.

Achimugu, nonetheless, denied possession of the funds when invited by the EFCC, claiming as a substitute that she solely took a $7 million mortgage from the financial institution which she had but to repay.

Based on an EFCC insider, “The cash was deposited below suspicious circumstances in uncooked money. As an alternative of paying it into their buyer’s account, the cash was deposited into the vaults of Providus Bank, which was uncommon and suspicious.”

Performing on the intelligence, EFCC operatives swooped on the financial institution unannounced, carted away the suspicious funds, and detained some staff for interrogation. Throughout questioning, the financial institution employees disclosed that the cash belonged to Achimugu, the CEO of Ocean Gate Petroleum.

Unable to reconcile conflicting claims, the EFCC revealed notices in nationwide dailies inviting anybody with authentic possession of the money to come back ahead. No claimant appeared, and the funds had been subsequently transferred to the Central Bank of Nigeria (CBN) for safekeeping.

On Monday, Justice Emeka Nwite of the Federal Excessive Court docket, Abuja granted the EFCC’s movement for remaining forfeiture, ordering that the $7 million be completely forfeited to the Federal Authorities as suspected proceeds of crime.

EFCC counsel Rotimi Oyedepo, SAN, instructed the courtroom that due course of had been adopted because the interim forfeiture order was granted on August 27, noting: “My lord, since August 27, when your lordship granted the order, so far, we now have not acquired any opposition to our utility. Therefore, we filed a movement for remaining forfeiture.”

Though legal professionals briefly appeared claiming to characterize unnamed events, none filed formal objections, clearing the best way for Monday’s ruling.

Recall, Achimugu can also be on the middle of one other ongoing EFCC case involving $12 million allegedly laundered by means of SunTrust Bank executives Halima Buba (Managing Director/CEO) and Harmless Mbagwu (Chief Compliance Officer).

Testifying earlier than Justice Nwite, the primary prosecution witness, a bureau de change operator, confirmed he acquired $12 million in uncooked money between March 10 and 24, 2025, facilitated by means of SunTrust’s Abuja and Lagos branches on behalf of Achimugu.

He added, “Not one of the cash went by means of my account,” explaining that the transactions had been carried out solely outdoors the formal banking course of. The witness additionally testified that Achimugu had beforehand given him one other $1.8 million for conversion into naira.

The EFCC is prosecuting the case on a six-count cost of cash laundering, with proceedings nonetheless ongoing.