The Economic and Financial Crimes Commission (EFCC) has pulled the curtain back on what it describes as a sophisticated web of financial crimes involving popular Nigerian socialite and businesswoman, Aisha Achimugu. Accusations include money laundering, operating a Ponzi scheme, illegal possession of property, and other financial misconducts.
Achimugu was arrested in the early hours of Tuesday at the Nnamdi Azikiwe International Airport in Abuja upon her arrival from the UK—just one day after a Federal High Court judge ordered her to submit to EFCC interrogation, despite her pending legal action to prevent it.
On Wednesday, she appeared in court where the judge, Inyang Ekwo, instructed the EFCC to grant her bail within 24 hours. Both parties have filed legal arguments, and the case is still unfolding.
A Web of Financial Deception
According to the EFCC, the case against Achimugu is tied to a large-scale financial investigation implicating Maxwell Odum, the founder of MBA Trading and Capital Investment Limited—a company already under scrutiny for allegedly defrauding thousands of Nigerians out of more than ₦200 billion.
The EFCC’s counter-affidavit filed in court alleges that Achimugu is linked to over 136 bank accounts across ten Nigerian banks. Investigators claim she used 21 companies—many operating under shared addresses in Abuja’s upscale Maitama district—to conceal illicit financial activities.
These companies, classified as Designated Non-Financial Businesses and Professions (DNFBPs), are required under Nigeria’s Money Laundering Act to report high-value transactions. However, the EFCC says they failed to do so.
The Money Trail
The anti-corruption agency revealed a paper trail that connects Achimugu’s companies to suspicious transactions involving large sums of money:
-
On 6 October 2020, Felak Concept Group Limited, owned by Achimugu, received ₦4 billion from MBA Trading and Capital Investment.
-
One day later, ₦40 million was transferred to Wada Autos Limited via ALTEX Engineering Services Ltd, a company linked to her.
-
Later in October, Felak Concept returned ₦4 billion to MBA in two transactions.
Another of Achimugu’s companies, Ocean Gate Engineering Oil and Gas Ltd, also received ₦958 million from MBA on 6 October 2020. Nearly ₦900 million of this amount was returned weeks later, with the remainder reportedly used by Achimugu for personal expenses and cash withdrawals.
EFCC claims these were classic signs of Ponzi operations and attempts to launder money.
Luxury, Legal Battles, and a Hunger Strike
Interestingly, the EFCC claims their investigation began well before Achimugu’s extravagant 50th birthday bash in Grenada, attended by high-profile figures, including Lagos State Governor Babajide Sanwo-Olu.
Achimugu reportedly visited the EFCC in February 2024 with her lawyer, made a written statement, and left freely. However, after missing a March 5 invitation, the EFCC declared her wanted on March 28, 2025. She later filed a fundamental human rights suit to stop her arrest, citing medical treatment abroad as her reason for missing the interview.
In defense, the EFCC said she had already refunded ₦58 million of suspected illicit funds. Still, they insisted on investigating her role in the alleged scam and related money laundering.
Following her arrest, one of her lawyers, Chikaosolu Ojukwu, told the court that Achimugu had declared a hunger strike.
EFCC’s Response and Ongoing Proceedings
The EFCC, in its court submission, clarified that Achimugu was never harassed, detained, or coerced. Instead, they claim she cooperated during their initial engagement and voluntarily made a statement.
However, the legal and public fallout has been significant. In an affidavit, Ifeanyi Otuya, her brother, described Achimugu as a respected philanthropist and global business leader whose reputation and business ventures have suffered due to the EFCC’s actions.
Her lawsuit also includes multiple law enforcement agencies—the Nigeria Police, ICPC, DSS, NSCDC, and NIS—as co-defendants, accusing them of damaging her image and causing distress.
What’s Next?
The Federal High Court has ordered the EFCC to report its compliance with bail conditions on May 2, 2025. Until then, Nigerians are watching closely as this high-stakes legal drama unfolds, shining a spotlight on elite financial crime, regulatory accountability, and the blurred lines between wealth and legality.
