Achimugu denies $13m recovery, says only $50,000, N13m found

Businesswoman Aisha Achimugu has denied reports that $13 million was recovered from her residence during a raid by the Economic and Financial Crimes Commission (EFCC), stating that only $50,000 and N13 million were found.

Achimugu made the clarification on Monday during an interview on Channels Television, insisting that the widely reported figure was incorrect.

The EFCC had declared her wanted last year 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 her firm, Oceangate Engineering Oil and Gas Ltd, to the Federal Government.

According to the commission, Oceangate allegedly worked with unlicensed Bureau de Change operators and some bank officials to source large sums of cash suspected to be proceeds of unlawful activity. The funds were reportedly used to pay signature bonuses for two oil blocks acquired in 2024.

Reacting to the claims, Achimugu said the issue of the $13 million was already before the court and declined to comment extensively, citing ongoing legal proceedings. However, she maintained that the money was not recovered from her home.

“I won’t go into details because the matter is in court, and I believe in the judicial system. But I must correct the impression that $13 million was found in my house. That is not true,” she said.

She explained that during the raid, only $50,000 and N13 million—belonging to her mother—were found, alongside her personal belongings.

“I’m not a bank, so I wouldn’t keep $13 million in my house. I have children studying abroad, so keeping some foreign currency for emergencies is normal,” she added.

Achimugu also questioned information published on the EFCC’s website, arguing that she did not regard it as a valid legal document, particularly as certain details, including the state referenced, were unclear.

On how her company acquired the disputed oil blocks, she said Oceangate Engineering Oil and Gas Ltd participated in two separate Federal Government licensing rounds—covering deep offshore bids between 2022 and 2023, and a mini bid round between 2023 and 2024—and emerged successful through what she described as a transparent process.

“We went through the process and, by the grace of God, we won transparently. It was open and not selective,” she said.