Why EFCC Operatives Stormed Providus Bank HQ, Arrested Officials over $7 million Cash Deposit

Details have surfaced regarding a dramatic operation conducted by operatives of the Economic and Financial Crimes Commission (EFCC), which culminated in a raid on the Lagos headquarters of Providus Bank.

This operation, taking place at the bank’s Victoria Island office in March 2025, revolved around a suspicious cash deposit of $7 million that raised significant red flags for investigators.

The raid was prompted by a tip-off from an insider who alerted the authorities to unusual financial activities within the institution. On March 26 and 27, the bank witnessed an unusual influx of raw cash directly deposited into its vaults rather than being credited to a customer’s bank account, a deviation from standard banking practices that instantly triggered suspicions of potential money laundering.

When interrogated by the EFCC, several bank employees pointed fingers at Mrs. Aisha Achimugu, a prominent Abuja businesswoman and the Chief Executive of Ocean Gate Petroleum, suggesting that she was the true owner of the questionable funds. However, when the anti-graft agency invited Achimugu for questioning, she flatly denied any ownership, asserting that the cash represented a $7 million loan facility that she had yet to repay.

Following their findings, EFCC operatives seized the cash and detained several staff members for further questioning. Amid the unfolding investigation, the Commission took the additional step of publishing public notices in major national newspapers, inviting any party with legitimate claims to the money to come forward.

Unfortunately for the bank and Achimugu, the stipulated response period elapsed without anyone stepping up to claim the funds. As a result, the EFCC moved the money to the Central Bank of Nigeria for safekeeping.

In a decisive turn of events, Justice Emeka Nwite of the Federal High Court in Abuja granted the EFCC’s motion for final forfeiture of the funds, officially making the $7 million the permanent property of the Federal Government.

During the court proceedings, EFCC counsel Rotimi Oyedepo (SAN) affirmed that all legal protocols had been meticulously followed, citing an interim forfeiture order that had been issued on August 27.

He remarked, “My Lord, since that date, no individual or entity has come forward to challenge our application. That is why we filed for a final forfeiture.” The lack of formal objections from any legal representatives present in the court effectively paved the way for the ruling.

This incident unfolds amidst ongoing cases being pursued by the EFCC against Achimugu, including a separate matter involving $12 million allegedly laundered through officials at SunTrust Bank. The bank’s Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, are also implicated.

During the most recent court session, a bureau de change operator took the stand as the first prosecution witness, revealing that he had received cash payments in multiple installments between March 10 and 24, 2025.

He testified that these transactions were carried out entirely in cash, bypassing traditional banking channels altogether. Additionally, he disclosed that Achimugu had previously handed him another sum of $1.8 million for conversion into naira.

The EFCC is pursuing the case with a six-count charge of money laundering, and the trial is set to continue under the scrutiny of Justice Nwite.