EFCC Raids Providus Bank HQ, Arrests Staff Over $7M Cash Deposit

Economic and Financial Crimes Commission (EFCC) operatives raided Providus Bank's Lagos headquarters, arresting staff over a suspicious $7 million cash deposit in March 2025. The EFCC acted on intelligence regarding the unusual movement of funds, leading to the discovery of raw cash in the bank's vault instead of being credited to a customer account.

The investigation pointed to an Abuja businesswoman linked to Ocean Gate Petroleum as the alleged owner of the funds, which she denied, claiming it was a loan. Following the seizure of the money, the EFCC detained bank employees for interrogation and transferred the funds to the Central Bank of Nigeria.

The Federal High Court in Abuja granted the EFCC's request to move the money into custody pending further investigation.