The Federal High Court in Abuja has ordered the Economic and Financial Crimes Commission (EFCC) to release businesswoman and socialite Aisha Achimugu within the next 24 hours, following her recent arrest and arraignment in connection with a high-profile money laundering investigation.
Justice Inyang Ekwo, presiding over the matter, issued the directive on Wednesday, also ordering the EFCC and all parties involved to appear before the court on May 2, 2025, to report on their compliance with the court’s ruling.
Background of the Case
Achimugu, the CEO of Ocean Gate Engineering Oil and Gas Limited, is under investigation for a range of financial crimes including:
- Criminal conspiracy
- Money laundering
- Corruption
- Possession of properties suspected to be unlawfully acquired
- Obtaining money under false pretenses
The EFCC claims Achimugu jumped bail after previously being released on administrative conditions and later declared her wanted in a public statement.
She was arrested again at 5:00 a.m. on Tuesday at the Nnamdi Azikiwe International Airport in Abuja, following the court’s Monday order that she present herself to the commission.
Allegations
According to EFCC’s affidavit:
- Achimugu allegedly received ₦8.71 billion from partners as part of a so-called “investment fund” to purchase and pay for a signature bonus for two oil blocks.
- The acquisition of the oil blocks—PPL 3007 (Shallow Water) and PPL 302-DO (Deep Offshore)—reportedly involved $25.3 million in largely cash payments through Bureau De Change (BDC) operators.
- The EFCC says the source of the funds used for these acquisitions cannot be traced to legitimate income.
- Bribes were allegedly paid to officials of the Nigerian Upstream Petroleum Regulatory Commission during the allocation of the oil blocks.
- None of the acquired oil blocks has commenced production to date.
Additionally, the EFCC disclosed that Achimugu maintains a staggering 136 bank accounts across ten banks, in both personal and corporate names—raising serious concerns about financial opacity and alleged structuring to conceal illicit funds.
Court Proceedings
Justice Ekwo’s order comes after Achimugu’s failed legal challenge (Suit No. FHC/ABJ/CS/451/2024) against the EFCC’s investigation. The court dismissed her suit, allowing the EFCC to proceed with its probe.
The court’s current ruling emphasizes due process, mandating EFCC to release Achimugu and report its actions at the May 2 hearing.
