EFCC: How wanted billionaire paid for 2 oil blocs via bureau de change

The Economic and Financial Crimes Commission (EFCC) has disclosed how wanted billionaire Aisha Achimugu acquired two oil blocks via bureau de change operators in the country.

The EFCC disclosed this before the Federal High Court sitting in Abuja on Monday, April 28, 2025.

The presiding judge, Justice I.E. Ekwo, on Monday, ordered Achimugu to appear before the EFCC on Tuesday, April 29, to answer questions regarding an ongoing investigation.

The judge also directed that she must appear before the court on Wednesday, April 30.

The order was made in a ruling delivered on Monday, in respect of a suit marked FHC/ABJ/CS/626/2025, filed by Achimugu against several law enforcement agencies, including the EFCC, the Nigeria Police Force, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Department of State Services (DSS), the Nigeria Security and Civil Defence Corps (NSCDC), and the Nigeria Immigration Service (NIS).

In its response to Achimugu’s application, EFCC’s lawyer, Ekele Iheanacho (SAN), informed the court of a counter-affidavit deposed to by one of its investigators, Chris Odofin, outlining the circumstances leading to her invitation.

In the affidavit, Odofin disclosed that Achimugu is under investigation for alleged conspiracy, obtaining money by false pretence, money laundering, corruption and possession of property reasonably suspected to have been acquired through unlawful means.

The EFCC said Achimugu had initially honoured its invitation on February 12, 2024, during which she made a written statement and was subsequently granted administrative bail through her lawyer and surety, Darlington Ozurumba.

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The anti-graft agency stated that Achimugu allegedly failed to report back as agreed, choosing instead to file a fundamental rights enforcement suit against the EFCC.

It said the affidavit further revealed that Achimugu, in her statement, explained the inflow of N8.71 billion into her corporate bank accounts as an “investment fund” for the acquisition of an oil block.

The EFCC said the billionaire claimed the funds were transferred to the Federal Government’s account through her company, Oceangate Engineering Oil and Gas Limited, referencing documentation from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The EFCC added: “Further investigation in the affidavit however, indicated that Achimugu’s company actually acquired two oil blocks, Shallow Water PPL 3007 and Deep Offshore PPL 302-DO at the cost of $25.3 million.

“Investigations showed that the payments were allegedly made in cash via bureau de change operators and that the ultimate sources of the funds could not be traced to any legitimate business income or partnerships.”

The commission also alleged that the acquisition process was fraught with corruption.

The EFCC said despite the acquisition, neither of the two oil blocks had commenced exploration or production as of the time of an investigation.

The EFCC stressed that Achimugu’s current suit is a calculated attempt to frustrate the ongoing investigation, despite a previous court decision in suit No. FHC/ABJ/CS/451/2024 dismissing her claim of fundamental rights violations.

Following the dismissal of the earlier suit, the EFCC continued its investigation by dispatching inquiry letters to various banks and the Corporate Affairs Commission (CAC), the Federal Inland Revenue Services, Land Authorities, Special Control Unit against Money Laundering, Central Bank of Nigeria to gather more evidence.

The anti-graft agency said as more responses were received, the team analysed them while further responses are being awaited.

“The affidavit also shows the applicant operates a total of 136 bank accounts across ten different banks both in her personal and corporate names,” it stated.

The case continues on Wednesday, April 30, with Achimugu expected to report to the EFCC on Tuesday as directed by the court.

The Star