A Federal High Court sitting in Lagos has ordered the permanent forfeiture of $7 million (about ₦11.2 billion) to the Federal Government after the money was discovered hidden in vaults of Providus Bank under suspicious circumstances.
Justice Emeka Nwite granted the order following an application by the Economic and Financial Crimes Commission (EFCC).
Investigators said the cash, deposited in raw dollars at the bank’s Victoria Island headquarters in March 2025, bypassed customer accounts entirely — a practice they described as highly unusual.
A whistleblower’s tip-off led to the EFCC swooping on the bank and arresting some staff.
The funds were later linked to Abuja socialite and businesswoman Aisha Achimugu, CEO of Ocean Gate Petroleum.
She denied ownership, claiming it was a loan collected from the bank.
After public notices were issued but no claimant came forward, the EFCC moved for a final forfeiture order.
Justice Nwite, in his ruling, ordered that the money be forfeited to the Federal Government.
Achimugu is already facing a separate $12 million money-laundering case involving top executives of SunTrust Bank. She was also briefly declared wanted earlier this year before being arrested and granted bail.
With the new ruling, the $7 million mystery cash is now officially government property.
