Achimugu Counters EFCC Narrative On Alleged $13m Raid
Fresh controversy has emerged over the scale of funds allegedly recovered from the residence of businesswoman Aisha Achimugu, as she publicly disputes claims linking her to $13 million in cash during an operation by the Economic and Financial Crimes Commission.
Speaking on Channels Television on Monday, Achimugu maintained that while her home was indeed searched, the figures widely reported are inaccurate. She stated that only $50,000 and N13 million were found, adding that the naira sum belonged to her mother.
“Let me also correct an impression that $13 million was not found in my house when my house was raided,” she said. “My house was raided, yes, but only $50,000 and N13 million… belonging to my mom was found.”
Her comments follow an ongoing legal dispute involving her company, Oceangate Engineering Oil and Gas Ltd. The EFCC had previously declared Achimugu wanted over allegations of criminal conspiracy and money laundering. In March, the Federal High Court in Abuja upheld the final forfeiture of $13 million linked to the company to the Federal Government.
According to court filings by the EFCC, the funds were allegedly sourced in cash through unlicensed Bureau de Change operators and bank officials. The commission claimed the money represented proceeds of unlawful activity and was used to pay signature bonuses for two oil blocks acquired in 2024.
Addressing the forfeiture, Achimugu declined detailed comment, citing the ongoing court process. “It will be prejudice for me to talk about what’s already in court,” she said, adding that she has confidence in Nigeria’s judicial system to determine the matter.
She also challenged the credibility of certain information published on the EFCC’s website, suggesting that details regarding the case lacked clarity, particularly around references to a specific state.
On the acquisition of the oil blocks, Achimugu insisted that Oceangate followed due process. She explained that the company participated in two separate federal licensing rounds, covering deep offshore bids between 2022 and 2023, and a mini bid round between 2023 and 2024.
“We went through that process and by the grace of God we won the process very transparently. It was a public process, it wasn’t selective,” she stated.
The case adds to ongoing scrutiny of financial flows within Nigeria’s oil and gas licensing regime, particularly the use of cash transactions and the role of intermediaries. While the court has ruled on the forfeiture, the broader legal and reputational questions surrounding the parties involved remain subject to judicial interpretation as proceedings continue.