Abuja, Nigeria — A sprawling investigation by the Economic and Financial Crimes Commission (EFCC) has exposed an elaborate web of financial crimes allegedly tied to businesswoman and socialite, Aisha Achimugu. At the heart of the case are charges bordering on money laundering, Ponzi scheme operations, illegal possession of assets, and violations of anti-financial crimes laws.
Arrest and Court Orders
The EFCC arrested Ms Achimugu at Nnamdi Azikiwe International Airport in Abuja around 5 a.m. on Tuesday, as she returned from a medical trip to the United Kingdom. Her arrest came just a day after a Federal High Court sitting in Abuja ordered her to appear before the anti-graft agency for interrogation, following her attempt to halt her arrest via a fundamental rights enforcement suit filed on 3 April.
The EFCC arraigned her in court on Wednesday, where Justice Inyang Ekwo ordered her release on bail within 24 hours, pending further hearing.
Multiple Bank Accounts and Shell Companies
According to court documents and counter-affidavits filed by the EFCC, Ms Achimugu is linked to no fewer than 136 bank accounts spread across 10 Nigerian banks, used under both personal and corporate aliases. The anti-graft agency alleges that she operated 21 different companies primarily for concealing and laundering illicit funds.
Many of these companies, the EFCC says, are registered as Designated Non-Financial Businesses and Professions (DNFBPs), which are obligated under the Money Laundering Act to report large transactions. These companies, however, allegedly failed to submit required reports despite conducting high-volume financial operations.
Key Companies Linked to Alleged Fraud
Among the businesses identified in EFCC filings are:
- Felak Concept Group
- Ocean Gate Engineering Oil and Gas Ltd
- Wishwich Konzept Ltd
- Sam Engineering Foundation
- Blue Broadband Solutions Ltd
- Bluewave Exploration and Production Ltd
- Altex Engineering Ltd
- Miss Peace Nigeria Foundation
- Gitel Eco Solution Services Ltd
- And several others across energy, digital services, and real estate sectors.
EFCC investigators say many of these entities share similar office addresses, primarily in Abuja’s upscale Maitama district—indicating a shell company operation aimed at masking financial crimes.
Ponzi Scheme Connection: The MBA Capital Link
The EFCC’s case against Ms Achimugu ties directly to a wider Ponzi scheme investigation involving Maxwell Odum and his firm, MBA Trading and Capital Investment Ltd. On 29 April 2021, the EFCC received a petition from over 3,000 Nigerians accusing the firm of defrauding investors of over N200 billion with promises of 10–15% monthly returns.
EFCC forensic tracking revealed that Felak Concept Group, owned by Ms Achimugu, received N4 billion from MBA Capital on 6 October 2020. Although the amount was returned in two tranches later that month, investigators say the transactions were designed to launder proceeds of crime.
Another of her companies, Ocean Gate Engineering Oil and Gas Ltd, allegedly received N958 million and later returned N900 million to MBA Capital. The remaining N58 million was used personally by Ms Achimugu, who later returned the sum to the EFCC after being identified as proceeds of crime.
Lavish Lifestyle Amidst Investigation
Despite being under investigation, Ms Achimugu hosted an extravagant 50th birthday party on the Caribbean island of Grenada in January 2024. High-profile figures, including Lagos State Governor Babajide Sanwo-Olu, attended the event, raising questions about elite complicity and oversight.
She voluntarily appeared before EFCC’s Port Harcourt office a month after the party and made an extra-judicial statement dated 12 February 2024. The EFCC insists she was treated humanely and not coerced at any point.
Legal Defence and Denial
In her lawsuit filed on 3 April, Ms Achimugu sued the EFCC alongside five other agencies, including the Nigerian Police Force, ICPC, DSS, NSCDC, and Nigerian Immigration Service. She accused them of orchestrating a politically motivated witch-hunt.
An affidavit filed by her brother, Ifeanyi Otuya, described her as a reputable industrialist and philanthropist whose businesses are internationally recognized. The family contends her absence from EFCC’s March 5 appointment was due to urgent medical treatment abroad.
They also claim that declaring her wanted caused “irreparable damage” to her reputation, strained investor confidence, and led to emotional distress.
Court’s Position and Next Steps
Justice Ekwo has mandated that Ms Achimugu be granted bail and produced in court to report her compliance with EFCC’s invitation. The next hearing is scheduled for Friday, May 2, 2025.
As the legal battle unfolds, the EFCC continues to push for full prosecution, citing overwhelming evidence of financial misconduct, illegal financial structuring, and misrepresentation in business transactions.
Public Reaction
The case has generated intense public interest, with many Nigerians calling for transparency and full disclosure of recovered funds. Civil society groups have demanded that all individuals and corporations found to be complicit in the Ponzi scheme and subsequent laundering operations face appropriate legal consequences.
