The Federal High Court in Lagos has ordered the final forfeiture of $7 million (about ₦11.2 billion at the prevailing exchange rate) to the Federal Government after the funds were discovered to have been deposited in Providus Bank under questionable circumstances.
According to investigations, the cash was deposited in raw currency on March 26 and 27, 2025, directly into the bank’s vaults at its Victoria Island headquarters rather than being credited to any customer’s account.
SaharaReporters learnt that this was later flagged by the Economic and Financial Crimes Commission (EFCC) as highly unusual.
An internal whistleblower working with the EFCC alerted the agency, prompting officials to storm the bank’s headquarters unannounced. Some staff members were subsequently taken in for questioning.
During interrogation, EFCC operatives were told the funds belonged to one of the bank’s high-profile clients, businesswoman Aisha Achimugu, Chief Executive Officer of Ocean Gate Petroleum, who is a businesswoman, socialite, ally, and alleged lover of Lagos State Governor Babajide Sanwo-Olu.
Achimugu, who was later invited by the EFCC, reportedly denied ownership of the $7 million, insisting she only took a loan of that amount from the bank and had not repaid it.
A source privy to the investigation said, “The money was deposited under suspicious circumstances in raw cash. Instead of paying it into their customer’s account, the money was deposited into the vaults of Providus Bank, which was unusual and suspicious.
“An anonymous whistleblower who works at the bank and serves as a spy for the EFCC alerted the anti-corruption agency of the unusual transactions that just occurred at the bank.
“Acting on that intelligence, the staff of the EFCC swooped on the Providus headquarters, and the EFCC officials demanded the money, leaving with some bank staff for proper interrogation.
“On further interrogation, the arrested bank staff revealed that the $7 million belongs to one of their biggest customers, Abuja big girl and Governor Sanwo-Olu of Lagos State’s alleged sidekick, Aisha Achimugu, who is also the CEO of Ocean Gate Petroleum.”
SaharaReporters gathered that Aisha was summoned by the EFCC to explain the source of the funds.
“She denied depositing that kind of money, claiming she borrowed $7 million loan from Providus Bank and had yet to pay it back,” a source said.
Confused, the EFCC put up an advert in national newspapers, inviting whoever owned the contentious $7 million to come forward and explain its source.
However, nobody came forward to claim the money.
Faced with conflicting claims, the EFCC published a public notice in national newspapers asking anyone with legitimate ownership of the money to come forward and explain its source.
However, no claimant appeared.
Providus Bank also came under scrutiny for allegedly failing to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), despite the nature of the transaction raising multiple red flags.
The EFCC eventually recovered the cash and transferred it to the Central Bank of Nigeria for safekeeping. Following a court application, a final forfeiture order was granted on Monday, transferring ownership of the $7 million to the Federal Government.
The ruling, delivered on Monday by Justice Emeka Nwite, followed an application by the EFCC, which argued that the funds were suspected proceeds of unlawful activities.
Rotimi Oyedepo, SAN, counsel for the EFCC, told the court that the commission had fulfilled all procedural requirements after securing an interim forfeiture order on August 27.
He noted that the order was duly published, inviting any interested parties to appear and show cause why the funds should not be permanently forfeited.
“My lord, since August 27, when your lordship granted the order, to date, we have not received any opposition to our application,” Oyedepo said.
“Hence, we filed a motion for final forfeiture.”
Although a lawyer, Mr. Gbenga Akande, had earlier appeared in court claiming to represent an interested party, he refused to disclose his client’s identity and failed to file any supporting documents, according to Nairametrics.
At the next hearing, Akande was absent, and another lawyer, Darlington Ozurumba, appeared but raised no objection to the EFCC’s application.
Achimugu Involved In Another $12Million Money Laundering Case
In a separate case in July, the first prosecution witness in the trial of the top executives of SunTrust Bank, Halima Buba and Innocent Mbagwu, confirmed to Justice Nwite that he received the sum of $12 million in cash, allegedly facilitated by the defendants, for onward transfer to Aisha Achimugu’s bank accounts.
The EFCC is prosecuting Buba, the Managing Director/Chief Executive, and Mbagwu, the Chief Compliance Officer of SunTrust Bank, on a six-count charge bordering on money laundering involving $12 million.
Testifying before the court, the First Prosecution Witness (PW1), a bureau de change operator, told the court that between March 10 and 24, 2025, he received $12 million in cash from Aisha Achimugu.
The transactions, according to the witness, were facilitated through the Abuja and Lagos branches of SunTrust Bank.
While being led in evidence by EFCC counsel, Oyedepo (SAN), the witness said, “None of the money went through my account,” despite having both naira and dollar accounts with the bank.
He stated that the transactions were executed outside the formal banking process.
“It was on social media that I heard that Aisha Achimugu had been arrested and I forwarded it to the first defendant.
“I can also recall that after meeting Aisha Achimugu, she has also given me a total of $1.8 million for conversion into naira and they were in tranches,” the witness added.
Negotiations To End EFCC Probe Against Aisha Achimugu
In June, SaharaReporters exclusively reported that negotiations were underway to stop the investigation involving Aisha Achimugu.
Achimugu was earlier declared wanted by the EFCC over allegations of money laundering and investment fraud.
The development followed a meeting between Governor Sanwo-Olu, President Bola Tinubu, and a delegation from the Lagos Governance Advisory Council (GAC) led by its chairman, Alhaji Tajudeen Olusi, who reportedly pleaded on behalf of the governor.
“They are also negotiating to end the prosecution of the lady linked to Sanwo-Olu, Aisha Achimugu,” a source privy to discussions told SaharaReporters after the meeting.
Achimugu was summoned for questioning by the EFCC on March 5, 2025, but instead of complying, she fled Nigeria between March 6 and 7. Subsequently, the EFCC obtained a court-issued arrest warrant and officially declared her wanted.
However, she was arrested by the EFCC on Tuesday, April 29, 2025, and later released on bail following a court order.
Aisha’s Association With Governor Sanwo-Olu
Her association with Governor Sanwo-Olu has sparked speculation, especially after reports that he attended her 50th birthday celebration in Grenada in January 2025, travelling on a private jet and staying at a luxury resort.
In January 2024, Governor Sanwo-Olu took several days away from his official duties to celebrate Achimugu’s birthday on the Caribbean island of Grenada. Reports indicate that he flew there on a private jet and stayed at one of the world’s most luxurious resorts.
PREMIUM TIMES revealed that while the Mandilas building was burning in Lagos on January 21, and many residents struggled with poverty and insecurity, Sanwo-Olu was enjoying himself at a party on Calivigny Island, an 80-acre private estate that costs about $132,000 per night.
The newspaper also noted that during the governor’s extended absence, many government officials were unaware of his exact location. Some believed he was attending official business in London, while others simply said he was travelling abroad.
According to the report, the organisers rented Calivigny Island for seven days at a total cost of approximately $924,000, not including additional expenses.
Mr. Sanwo-Olu and other attendees reportedly moved between Calivigny Island and Silversands Grenada, a five-year-old, seven-star luxury resort on Grand Anse beach where some of the celebration’s events took place.
Sources familiar with the governor’s schedule said he left Nigeria on Wednesday, January 17, to join Mrs. Achimugu’s birthday carnival, which kicked off with “a scrumptious welcome breakfast” followed by “a spectacular dinner with an explosive finish” that same day. Other guests had arrived in Grenada a day earlier, on January 16.
Governor Sanwo-Olu reportedly joined the festivities on January 18, the third day of the celebration, and remained until January 23, leaving his state without its leader for nearly a week.
This raised questions about the nature of their relationship and possible political implications.
Achimugu was also accused of funneling funds to opposition leaders Peter Obi and Atiku Abubakar during the 2023 elections, a claim that reportedly angered President Tinubu.
However, the EFCC later clarified that its investigation into Achimugu was solely about criminal conspiracy and money laundering and had no connection to Atiku or Sanwo-Olu.
SaharaReporters
