Nigerian businesswoman Aisha Achimugu is under investigation by the Economic and Financial Crimes Commission (EFCC) for alleged involvement in a $150.3 million fraud case. The EFCC has linked her to 136 bank accounts across ten different banks, raising concerns about potential money laundering activities.
Achimugu, CEO of Oceangate Engineering Oil and Gas Limited, is accused of acquiring two oil blocks—Shallow Water PPL 3007 and Deep Offshore PPL 302-DO—for $25.3 million. The EFCC alleges that these acquisitions were facilitated through cash payments to Bureau De Change operators, with funds not traceable to legitimate business activities. Furthermore, the commission claims that bribes were paid to officials of the Nigerian Upstream Petroleum Regulatory Commission during the acquisition process.…..CONTINUE READING
Despite being declared wanted in March 2025, Achimugu returned to Nigeria from London and was arrested by EFCC operatives at Abuja’s Nnamdi Azikiwe International Airport on April 29, 2025. Her legal team contends that she returned voluntarily to honor the EFCC’s invitation and has since declared a hunger strike to protest her detention.
A Federal High Court in Abuja has ordered Achimugu to appear before the EFCC and mandated the commission to produce her in court on April 30, 2025, to report on her cooperation with the investigation.
The case continues to unfold, with the EFCC intensifying its probe into the alleged financial misconduct involving Achimugu and her associated entities.
