Abuja Court Orders Forfeiture Of N11.2Billion Linked To Lagos Gov Sanwo-Olu’s Ally Aisha Achimugu, Deposited Under Suspicious Circumstances
Abuja Court Orders Forfeiture of N11.2 Billion Linked to Sanwo-Olu’s Ally Aisha Achimugu
In a landmark ruling, the Federal High Court in Lagos has ordered the final forfeiture of $7 million (approximately ₦11.2 billion) to the Federal Government of Nigeria. The funds, discovered under suspicious circumstances at Providus Bank’s Victoria Island headquarters, have been linked to businesswoman and socialite Aisha Achimugu, an alleged ally of Lagos State Governor Babajide Sanwo-Olu.
During the interrogation of bank officials, it emerged that the funds were allegedly linked to Aisha Achimugu, CEO of Ocean Gate Petroleum and a high-profile client of Providus Bank. Achimugu, who has been described as a businesswoman, socialite, and alleged close associate of Governor Sanwo-Olu, denied ownership of the $7 million. She claimed she had only taken a loan of that amount from the bank and had not yet repaid it.
Despite her denial, EFCC sources stated that the cash deposit was suspicious because it was handled outside normal banking procedures. The anti-graft agency subsequently published public notices in national newspapers inviting any legitimate claimant to come forward and explain the source of the funds. No one did.
Providus Bank also came under heavy scrutiny for allegedly failing to file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU). Such a report is mandatory when banks detect transactions that raise red flags for money laundering or other illicit activities. This alleged failure further fueled suspicions around the transaction.
After recovering the funds and transferring them to the Central Bank of Nigeria for safekeeping, the EFCC filed an application for final forfeiture. On Monday, Justice Emeka Nwite of the Federal High Court Lagos granted the order, transferring ownership of the $7 million to the Federal Government.
EFCC’s counsel, Rotimi Oyedepo, SAN, informed the court that all procedural requirements had been fulfilled after securing an interim forfeiture order on August 27. He noted that despite the publication of the order, no one had appeared to contest the forfeiture.
At an earlier hearing, a lawyer, Mr. Gbenga Akande, appeared claiming to represent an interested party but refused to disclose his client’s identity or file supporting documents. At the next hearing, Akande was absent, and another lawyer, Darlington Ozurumba, appeared but raised no objection to the EFCC’s application. With no opposition, the court granted the motion for final forfeiture.
This is not the first time Aisha Achimugu’s name has surfaced in financial scandals. In July 2025, the EFCC began prosecuting Halima Buba (Managing Director of SunTrust Bank) and Innocent Mbagwu (Chief Compliance Officer) over a $12 million money laundering case allegedly linked to Achimugu.
Testifying before Justice Nwite, the first prosecution witness, a bureau de change operator, stated that between March 10 and 24, 2025, he received $12 million in cash from Achimugu for onward transfer to her accounts, bypassing formal banking processes. He also revealed receiving an additional $1.8 million from her for conversion into naira.
According to investigative reports, negotiations were underway in June 2025 to halt the EFCC’s probe into Aisha Achimugu. Sources claim that a meeting took place involving Governor Sanwo-Olu, President Bola Tinubu, and a delegation from the Lagos Governance Advisory Council (GAC), allegedly seeking to protect Achimugu from prosecution. She had earlier fled Nigeria in March but was arrested on April 29, 2025, and later released on bail following a court order.
Achimugu’s close association with Governor Sanwo-Olu has fueled speculation about political and personal ties. Reports emerged that the governor attended her 50th birthday celebration in January 2025 on Calivigny Island, Grenada—a private estate costing about $132,000 per night. The event reportedly spanned seven days and involved luxury accommodations and private jet travel.
While Lagos was grappling with economic challenges and crises such as the Mandilas building fire, the governor was reportedly absent from his state, raising questions about the optics of the relationship and its potential political implications.
Despite widespread speculation, the EFCC has clarified that its investigation into Achimugu focuses solely on allegations of criminal conspiracy and money laundering. The commission emphasized that its probe has no connection to opposition leaders such as Peter Obi or Atiku Abubakar, who were rumored to have received funds from her during the 2023 elections.
The forfeiture of ₦11.2 billion linked to Aisha Achimugu marks one of the most high-profile anti-corruption cases in Nigeria in 2025. The case underscores the critical role of whistleblowers, regulatory compliance, and judicial processes in tackling financial crimes.
As the EFCC continues its investigations, the saga of Aisha Achimugu and her alleged ties to political elites serves as a reminder of the need for transparency, accountability, and strong institutions to combat money laundering and corruption in Nigeria’s financial sector.
