Abuja Court Orders Final Forfeiture of N11.2 Billion Linked to Achimugu, Lagos Gov’s Ally

A Federal High Court in Abuja has ruled that N11.2 billion ($7 million) discovered in Providus Bank’s vaults belongs to the Federal Government.

The funds were linked to Aisha Achimugu, CEO of Ocean Gate Petroleum and alleged associate of Lagos State Governor Babajide Sanwo-Olu.

The Economic and Financial Crimes Commission (EFCC) flagged the unusual transaction after an internal whistleblower reported the massive cash deposit.

Despite Achimugu’s denial of ownership, claiming she had taken a $7 million loan from the bank, the court granted the final forfeiture order.

The funds were deposited in raw cash on March 26 and 27, 2025, directly into the bank’s vaults without being credited to any customer’s account. This raised suspicions, prompting the EFCC to investigate.

Achimugu was summoned for questioning but initially fled the country.

The EFCC investigation revealed suspicious circumstances surrounding the transaction. Providus Bank staff claimed the money belonged to Achimugu, but she disputed this, stating it was a loan. The EFCC published a public notice inviting anyone with legitimate ownership to come forward, but no one responded.

Justice Emeka Nwite granted the final forfeiture order on September 16, 2025, transferring the funds to the Federal Government Account.

The court also noted that Providus Bank failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU).

The ruling has sparked controversy, given Achimugu’s association with Governor Sanwo-Olu. Some speculate about potential implications for the governor, while others focus on the importance of accountability in financial transactions.

Achimugu has been involved in other controversies, including a $1.8 billion oil deal in Grenada.

The EFCC has been investigating her for alleged money laundering and corruption.