EFCC Recovers Abandoned $7M from Providus Bank Vault

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

Insider reports reveal 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 violation of Central Bank of Nigeria (CBN) guidelines.

A whistleblower alerted the EFCC, prompting swift action that led to the recovery of the cash and the arrest of a key bank staff member involved. The staff allegedly confessed that the money belonged to Aisha Achimugu, Abuja socialite and CEO of Ocean Gate Petroleum, rumored to be an associate of Lagos State Governor Babajide Sanwo-Olu.

However, Achimugu denied ownership, claiming instead she had taken a $7 million loan from the bank which remained unpaid. With no valid claimant, despite EFCC’s public notice, a court order was obtained for permanent forfeiture of the funds to the federal government.

The development has triggered public outrage. Critics question why Providus Bank’s management and compliance officers were not prosecuted for failing to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU).

Analysts argue EFCC’s stance could embolden financial institutions and politically connected individuals to bypass accountability. The $7 million has since been lodged with the CBN as federal government property, but Nigerians continue to demand answers on transparency and justice.