A Federal High Court has ordered the final forfeiture of $7 million deposited under suspicious circumstances at the headquarters of Providus Bank, Victoria Island, Lagos, to the Federal Government of Nigeria.

According to investigation reports, the funds were deposited in raw cash on March 26 and 27, 2025, not into a customer’s account but directly into the bank’s vaults—an unusual and suspicious practice.

A whistleblower within Providus Bank, who was also an undercover informant for the Economic and Financial Crimes Commission (EFCC), alerted the anti-graft agency to the transactions.

Further concerns were raised after Providus Bank reportedly failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), as required by law.

Acting on the intelligence, EFCC operatives stormed the bank’s headquarters, interrogated staff, and recovered the $7 million in raw cash.

During questioning, some bank staff allegedly disclosed that the money belonged to Abuja-based businesswoman and CEO of Ocean Gate Petroleum, Aisha Achimugu, said to be one of Providus Bank’s biggest clients. She was invited by the EFCC but denied ownership of the cash, claiming instead that she had taken a $7 million loan from the bank which she had yet to repay.

With conflicting claims, the EFCC published a notice in national newspapers inviting any legitimate owner of the funds to step forward. However, no claimant emerged.

As a result, the EFCC applied to the court for the final forfeiture of the funds, a request that was granted on Monday. The $7 million—equivalent to ₦11.2 billion at an exchange rate of ₦1,600 to $1 at the time of the transaction—has since been transferred to the Central Bank of Nigeria for safekeeping.

The case highlights regulatory gaps in financial monitoring and underscores ongoing efforts by the EFCC to curb money laundering and suspicious cash movements in Nigeria’s banking sector.