KEY POINTS

• Aisha Achimugu faces court-ordered questioning by the EFCC over alleged money laundering linked to $25.3 million oil block acquisitions and 136 bank accounts.

• Investigations reveal funds were routed through bureau de change operators without legitimate documentation, while acquired oil blocks remain unexplored.

• The case highlights Nigeria’s intensified anti-corruption drive in its oil sector, amid global pressure to enhance financial transparency and accountability.

A Federal High Court in Abuja has ordered businesswoman Aisha Achimugu to appear before the Economic and Financial Crimes Commission (EFCC) on Tuesday, 29 April 2025, to answer questions related to alleged money laundering, corruption, and illegal acquisition of oil blocks.

Justice Inyang Ekwo also mandated her presence in court on Wednesday, 30 April, following a lawsuit filed by Achimugu against multiple security agencies, including the EFCC, DSS, and Nigeria Immigration Service, which she accused of infringing on her rights.

The EFCC, in a counter-affidavit, alleged that Achimugu’s company, Oceangate Engineering Oil and Gas Limited, acquired two oil blocks—Shallow Water PPL 3007 and Deep Offshore PPL 302-DO—for $25.3 million through cash payments routed via bureau de change operators.

Investigators claimed the funds, totaling N8.71 billion, lacked legitimate origins and were not tied to documented business partnerships. “The ultimate sources of these funds remain untraceable, raising suspicions of illicit financial flows,” stated EFCC investigator Chris Odofin in the affidavit.

136 bank accounts and stalled oil exploration fuel suspicion

The probe uncovered that Achimugu operates 136 bank accounts across 10 Nigerian banks, both personally and under corporate entities. Despite acquiring the oil blocks in 2023, neither has commenced exploration or production, intensifying scrutiny over the transactions. “This pattern suggests deliberate attempts to obscure financial trails,” an EFCC source disclosed anonymously.

Channelstv reports that the agency also accused Achimugu of evading investigators after initially cooperating in February 2024, when she was granted administrative bail.

Achimugu’s defense hinges on claims that the N8.71 billion transfer was an “investment fund” for oil block acquisitions, backed by Nigerian Upstream Petroleum Regulatory Commission (NUPRC) documents. However, the EFCC dismissed this, alleging the NUPRC paperwork was forged. “Her lawsuit is a tactical delay to frustrate accountability,” argued EFCC counsel Ekele Iheanacho. The court had previously dismissed her fundamental rights suit, citing insufficient evidence of harassment.

Legal experts note the case reflects broader EFCC efforts to curb high-profile financial crimes. Nigeria’s oil sector, responsible for 80% of government revenue, has long been plagued by opaque deals.

A 2024 Extractive Industries Transparency Initiative (EITI) report flagged $3 billion in suspicious oil sector transactions over five years, underscoring systemic corruption risks.