Key points
- Aisha Achimugu refutes claims that $13 million was found in her residence during an EFCC raid.
- Says only $50,000 and ₦13 million were recovered, attributing part of the funds to her mother.
- Maintains ongoing legal proceedings over alleged money laundering and forfeiture of $13 million.
Main story
Businesswoman Aisha Achimugu has dismissed reports that $13 million was recovered from her residence during a raid by the Economic and Financial Crimes Commission (EFCC), insisting that only $50,000 and ₦13 million were found.
Achimugu made the clarification on Monday during an interview on Channels Television, where she described the widely circulated figure as inaccurate.
The EFCC had earlier declared her wanted over alleged criminal conspiracy and money laundering. Subsequently, a Federal High Court in Abuja ordered the final forfeiture of $13 million linked to her company, Oceangate Engineering Oil and Gas Ltd, to the Federal Government in March.
The anti-graft agency alleged that the firm collaborated with unlicensed Bureau de Change operators and bank officials to source cash suspected to be proceeds of unlawful activities, which was used to pay signature bonuses on oil blocks acquired in 2024.
Responding to the allegations, Achimugu declined to comment extensively on the $13 million case, citing its status before the court, but maintained that reports of such an amount being found in her residence were false.
The issues
The case highlights ongoing concerns about financial transparency, money laundering, and regulatory compliance within Nigeria’s oil and gas sector. It also raises questions about public perception and the spread of unverified information in high-profile investigations.
Additionally, the controversy underscores the role of law enforcement agencies and the judiciary in handling complex financial crimes involving large sums and corporate entities.
What’s being said
Achimugu stated that while her residence was indeed searched, the amounts recovered were significantly lower than reported.
According to her, the funds found included $50,000 and ₦13 million, part of which belonged to her mother, alongside personal belongings.
She questioned the origin of the $13 million claim, arguing that it was unrealistic to keep such a large sum in a private residence.
On the EFCC’s public disclosures, she also expressed reservations, noting that statements published on the agency’s website lacked clarity regarding jurisdiction and should not be treated as formal legal documents.
Achimugu further explained that her company lawfully acquired the contested oil blocks through a transparent bidding process conducted by the Federal Government between 2022 and 2024.
What’s next
The case remains before the court, with legal proceedings expected to determine the validity of the allegations and the forfeiture of funds linked to the company.
Regulatory authorities are likely to continue investigations into the financial transactions and processes surrounding the acquisition of the oil blocks.
Bottom line
While Achimugu disputes claims surrounding the alleged $13 million recovery, the matter remains subject to judicial review, with its outcome expected to have broader implications for financial accountability and regulatory enforcement in Nigeria’s oil and gas industry.
