A Federal High Court in Lagos has ordered the final forfeiture of $7 million (about ₦11.2 billion) to the Federal Government after investigators linked the funds to suspicious banking transactions involving businesswoman Aisha Achimugu.

According to the Economic and Financial Crimes Commission (EFCC), the huge cash deposit was made directly into the vaults of Providus Bank’s Victoria Island headquarters in March 2025, bypassing customer accounts—an unusual and suspicious move.

A whistleblower alerted the EFCC, prompting operatives to storm the bank. Several staff members were questioned, and the funds were later recovered and transferred to the Central Bank of Nigeria (CBN) for safekeeping.

During questioning, EFCC operatives were told the money belonged to Aisha Achimugu, CEO of Ocean Gate Petroleum. She, however, denied ownership, insisting it was a loan she took from the bank.

The EFCC argued that the funds were suspected proceeds of unlawful activity and sought a forfeiture order. Justice Emeka Nwite, after confirming that no one came forward to legally challenge the interim order issued in August, ruled in favour of the government on Monday.

Meanwhile, Achimugu’s name has also come up in another case involving top SunTrust Bank executives, accused of facilitating $12 million in cash transactions for her outside official banking processes.

The EFCC has vowed to intensify its clampdown on suspicious cash movements and financial crimes, stressing that such activities undermine Nigeria’s financial system and economic stability.