Financial experts have called on the Central Bank of Nigeria (CBN) to impose regulatory sanctions on Providus Bank for allegedly failing to report a suspicious deposit of seven million U.S. dollars made at its Victoria Island, Lagos headquarters.
Speaking with the News Agency of Nigeria (NAN) in Abuja on Tuesday, the experts said decisive action was necessary to protect Nigeria’s financial reputation at the international level.
According to reports, the bank did not file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU) despite the unusually large cash deposit.
Former President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Okechukwu Unegbu, described the development as a serious breach of banking ethics and an enabler of money laundering.
“How can you receive a deposit of seven million dollars and fail to report it?
This tarnishes the image of the Nigerian economy before the international community,”
Unegbu said.
He urged the CBN and NFIU to suspend the bank from transactions until the matter is resolved and suggested that the forfeited funds be channelled into the country’s education sector.
Financial analyst Ms. Praise Adewumi also questioned the transaction and advised the CBN to investigate the bank’s role thoroughly, warning that any recovered funds must be used transparently.
Similarly, economist Dr. Chijioke Ekechukwu noted that the true owner of the money likely denied ownership to avoid forfeiture, stressing that the bank could not have been unaware of the depositor’s identity.
An anonymous whistleblower reportedly tipped off the Economic and Financial Crimes Commission (EFCC), prompting an unannounced visit to the bank. EFCC operatives interrogated staff members, who claimed the money belonged to Aisha Achimugu, CEO of Ocean Gate Petroleum. Achimugu denied the claim.
After placing public notices inviting a legitimate claimant—none of whom came forward—the EFCC sought a court order. Justice Emeka Nwite of the Federal High Court subsequently ordered the permanent forfeiture of the $7 million (about ₦11.2 billion) to the Federal Government.
The experts insist that regulatory sanctions on Providus Bank are critical to deter similar infractions and preserve trust in Nigeria’s financial system.