EFCC Recovers Abandoned $7M from Providus Bank Vault — Nigerians Demand Transparency

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The Economic and Financial Crimes Commission (EFCC) has secured the final forfeiture of $7 million (₦11.2 billion) deposited in cash at the Providus Bank headquarters, Victoria Island, Lagos, under highly suspicious circumstances.

According to insider reports, the funds were deposited on March 26 and 27, 2025, not into a customer’s domiciliary account as required by law, but directly into the bank’s vaults — a move that violated Central Bank of Nigeria (CBN) guidelines and raised serious compliance concerns.

A whistleblower from within the bank alerted the EFCC to the unusual transaction. Acting swiftly, EFCC operatives stormed Providus Bank headquarters, retrieved the money, and arrested a key staff member linked to the illegal deposit.

Upon interrogation, the staff allegedly confessed that the money belonged to Aisha Achimugu, a prominent Abuja socialite and CEO of Ocean Gate Petroleum, widely reported as an associate of Lagos State Governor Babajide Sanwo-Olu.

However, when invited by the EFCC, Achimugu denied ownership of the cash, insisting instead that she had taken a $7 million loan from the bank which she had yet to repay.

With no claimant stepping forward, despite a public notice issued by the EFCC, the commission secured a court order for permanent forfeiture of the funds to the federal government.

The development has sparked outrage, with analysts questioning why Providus Bank’s management and compliance officers have not been held accountable for failing to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU).

Critics argue that EFCC’s refusal to prosecute the bank officials sends the wrong message and fuels perceptions that financial institutions and politically connected individuals can evade justice.

The $7 million, now lodged with the Central Bank of Nigeria (CBN), officially belongs to the federal government — but the unanswered questions about accountability remain.