Nigeria's Economic and Financial Crimes Commission (EFCC) has ramped up its investigation into Walter Akpani, the Managing Director and Chief Executive Officer of Providus Bank.
This scrutiny follows the discovery of $7 million left abandoned in the vault of the bank's Victoria Island branch on March 25 and 26, 2025.
Concerned stakeholders are puzzled that Akpani—who boasts over 30 years of banking experience and holds a Master of Science degree in Finance from the University of Strathclyde, Scotland—could not provide CCTV footage of the depositor, despite the presence of cameras in the bank.
The cash deposit in question was made under suspicious circumstances. Rather than being credited to a customer’s account, the money was unusually placed directly into Providus Bank's vaults, raising alarm bells.
An anonymous whistleblower, an insider at the bank and a source for the EFCC, alerted the anti-corruption agency about these questionable transactions. In response, EFCC agents unexpectedly descended on Providus Bank's headquarters, demanding the funds and taking several bank employees for questioning.
During subsequent interrogations, an arrested staff member revealed that the $7 million was linked to Aisha Achimugu, the CEO of Ocean Gate Petroleum.
The EFCC then invited Achimugu to clarify the origin of the funds. She denied any ownership of the money, claiming instead that she had taken out a $7 million loan from Providus Bank that she had yet to repay.
In context, the $7 million equates to approximately 11.2 billion Naira using an exchange rate of 1,600 Naira to 1 USD at the time of the transaction.
Given the gravity of the situation, the EFCC published an advertisement in national newspapers, urging anyone with a legitimate claim to the $7 million to come forward and explain its source.
However, no one has stepped forward to make a claim. The EFCC has since recovered the funds and transferred them to the Central Bank of Nigeria for safekeeping.
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