A Federal High Court in Abuja has ordered the permanent forfeiture of $7 million (approximately ₦11.2 billion) to the Federal Government. The funds were discovered hidden in the vaults of Providus Bank under suspicious circumstances and were linked to Aisha Achimugu, CEO of Ocean Gate Petroleum.
Key Details:
– Discovery: The Economic and Financial Crimes Commission (EFCC) received a tip-off from an internal whistleblower, leading to an unannounced raid on Providus Bank’s headquarters.
– Investigation: Bank officials claimed the money belonged to Achimugu, but she denied ownership, stating it was a $7 million loan from the bank that remained unpaid.
– Court Ruling: Justice Emeka Nwite granted the final forfeiture order, transferring ownership of the $7 million to the Federal Government.
– Providus Bank’s Lapse: The bank failed to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU), raising questions about its compliance with anti-money laundering regulations.
Aisha Achimugu’s Response:
Achimugu has denied any connection to the funds. Her company, Felak Group, has also distanced itself from the transaction, describing reports linking them to the $7 million as “unfounded, contradictory, and misleading”.
