The Economic and Financial Crimes Commission (EFCC) has revealed explosive details in its ongoing investigation of high-profile businesswoman and socialite, Aisha Achimugu, linking her to a sprawling Ponzi scheme, money laundering operations, and possession of illegally acquired assets.
Achimugu, who recently made headlines for her extravagant 50th birthday celebration in Grenada attended by Lagos State Governor Babajide Sanwo-Olu, was arrested at Nnamdi Azikiwe International Airport, Abuja, around 5 a.m. on Tuesday upon her return from the United Kingdom.
Her arrest came less than 24 hours after a Federal High Court in Abuja, presided by Justice Inyang Ekwo, ordered her to submit herself to the EFCC for questioning, following her fundamental rights enforcement suit aimed at halting her arrest.
In a counter-affidavit submitted to the court, EFCC investigator Chris Odofin revealed that Achimugu is linked to 136 bank accounts across 10 banks in Nigeria, operated in both personal and corporate names. He said investigations uncovered 21 companies allegedly used to disguise and conceal illicit funds. Many of these companies reportedly share common addresses in the upscale Maitama district of Abuja and are classified under Designated Non-Financial Businesses and Professions (DNFBPs), which are required under Nigerian law to report high-value transactions.
Odofin alleged that Achimugu used these companies to move and hide funds obtained through criminal acts, including “obtaining money by false pretence, running unlicensed banking and investment businesses, and laundering proceeds of crime.”
At the core of the allegations is Achimugu’s business relationship with Maxwell Odum, the embattled CEO of MBA Trading and Capital Investment Limited, who is already under EFCC investigation for running a Ponzi scheme that allegedly defrauded over 3,000 Nigerians of more than ₦200 billion.
According to EFCC documents, MBA transferred ₦4 billion to the SunTrust Bank account of Felak Concept Group Limited—one of Achimugu’s firms—on 6 October 2020. The funds were later returned in two tranches, but not before substantial amounts were transferred to third-party companies, such as Wada Autos Ltd and Altex Engineering Services, another of Achimugu’s affiliates.
EFCC investigators allege this pattern of circular movement of funds was part of an elaborate scheme to launder illicit proceeds from the Ponzi operation.
Other companies allegedly used in the laundering network include Ocean Gate Engineering Oil and Gas Ltd, which received ₦958 million from MBA, of which ₦900 million was returned and the rest used by Achimugu, including cash withdrawals in late 2020 and early 2021.
In response to its findings, the EFCC obtained court preservation orders over various bank accounts and properties linked to Achimugu and her companies. The commission disclosed that it has already recovered ₦58 million from Achimugu, a sum believed to be proceeds of the crime.
The EFCC denied allegations of harassment, stating that Achimugu voluntarily visited its Port Harcourt office in February 2024, was treated courteously, and was not detained. According to the commission, she made a voluntary written statement during the visit.
In her defense, Achimugu filed a fundamental human rights suit on 3 April after she was declared wanted by the EFCC on 28 March for failing to honour an interview scheduled for 5 March. She blamed her absence on medical treatment abroad.
In a supporting affidavit, her brother, Ifeanyi Otuya, described her as a respected businesswoman and philanthropist whose reputation has suffered due to “adverse publicity” from EFCC’s actions. He argued that the EFCC’s declaration had jeopardized her business relationships and subjected her to unwarranted scrutiny.
Achimugu has also sued several other agencies, including the Nigeria Police Force, ICPC, DSS, NSCDC, and the Nigerian Immigration Service, although most appear to have been included as nominal parties.
Following her court appearance on Wednesday, Justice Ekwo ordered the EFCC to grant her bail within 24 hours. Her lawyer, Chikaosolu Ojukwu, also disclosed in court that Achimugu had embarked on a hunger strike following her arrest.
The case has been adjourned until 2 May 2025 for the EFCC and other respondents to report compliance with the bail order and provide updates on the ongoing investigation.