Justice I.E. Ekwo of the Federal High Court, Abuja, has ordered Aisha Achimugu—an ally of Lagos State Governor Babajide Sanwo-Olu—to appear before the Economic and Financial Crimes Commission (EFCC) on Tuesday, 29 April 2025, over allegations linked to financial misconduct and unexplained wealth.
This comes as the EFCC revealed that Achimugu operates an astonishing 136 bank accounts across ten different banks, held in both her personal and corporate names.
The judge further directed that Achimugu must also appear before the court the following day, Wednesday, 30 April 2025.
This ruling followed a suit filed by Achimugu—marked FHC/ABJ/CS/626/2025—against several law enforcement agencies, including the Nigeria Police Force, the Department of State Services (DSS), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Immigration Service (NIS), the Nigeria Security and Civil Defence Corps (NSCDC), and the EFCC itself.
In response to the suit, EFCC counsel Ekele Iheanacho, SAN, presented a counter-affidavit by an investigator, Chris Odofin, who detailed the basis for Achimugu’s ongoing investigation. According to the affidavit, Achimugu is being probed for alleged conspiracy, obtaining money under false pretences, money laundering, corruption, and ownership of assets suspected to have been acquired through unlawful means.
Achimugu had initially honoured an EFCC invitation on 12 February 2024, provided a written statement, and was released on administrative bail through her solicitor and surety, Darlington N. Ozurumba. However, she reportedly failed to return as agreed and instead filed a fundamental rights enforcement suit in an attempt to halt the probe.
In her statement to investigators, Achimugu claimed that N8.71 billion found in her company’s accounts represented investment funds for the acquisition of an oil block. She said the money was transferred to the Federal Government via her firm, Oceangate Engineering Oil and Gas Limited, citing documents from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in support.
However, EFCC investigations revealed that Oceangate had actually acquired two oil blocks—Shallow Water PPL 3007 and Deep Offshore PPL 302-DO—at a cost of $25.3 million. The payments were allegedly made in cash through bureau de change operators, and the ultimate source of the funds could not be linked to any legitimate business income or partnerships.
The Commission also alleged that the acquisition process was riddled with irregularities and corruption. Despite the acquisition, neither oil block had begun exploration or production as of the time of investigation. The EFCC contended that Achimugu’s legal challenge was a calculated effort to derail their investigation, especially after a previous court ruling—suit FHC/ABJ/CS/451/2024—dismissed her earlier claims of rights violations.
Following that dismissal, the EFCC intensified its probe, sending inquiries to multiple financial institutions and regulatory bodies, including the Corporate Affairs Commission (CAC), the Federal Inland Revenue Service, land authorities, the Special Control Unit Against Money Laundering, and the Central Bank of Nigeria. Several responses have been received and reviewed, while others are still being awaited.
Significantly, the EFCC’s affidavit disclosed that Achimugu controls a staggering 136 bank accounts spread across ten different banks—held in both personal and corporate capacities.
With the court now demanding her compliance, Achimugu is expected to appear before the EFCC on Tuesday ahead of further court proceedings on Wednesday, 30 April 2025.
