Ola Akinwunmi
In a dramatic turn of events at the Federal High Court in Abuja, Justice Inyang Ekwo issued a direct order compelling the Economic and Financial Crimes Commission (EFCC) to release prominent business woman and socialite Aisha Achimugu within the next 24 hours. The court’s decision, delivered on Wednesday, sent suprises through legal and financial circles amid ongoing investigations into money laundering and other serious financial crimes.
The ruling stipulated that the EFCC must comply with the order, with all parties involved required to submit a compliance report to the court by May 2, 2025. The judge, whose succinct opinion left little room for further delay, reveals the imperative for immediate action.
This order comes on the heels of a recent directive that had earlier required Achimugu to voluntarily report to the EFCC’s office. The court had warned that following her expected appearance at the EFCC headquarters, the agency must promptly return with her and make a formal appearance before the court on April 30.
Aisha Achimugu was arrested at approximately 5 a.m. on Tuesday at the Nnamidi Azikiwe International Airport, as part of an ongoing investigation into alleged financial misconduct. The EFCC has accused her of a broad range of offences, including conspiracy, obtaining money by false pretense, money laundering, corruption, and possession of properties believed to have been acquired through corrupt practices.
Previously, Achimugu was detained and questioned before being released on administrative bail. However, allegations soon surfaced that she had jumped bail, prompting the EFCC to issue a “wanted” notice and call upon the public to assist in locating her. According to an EFCC press release, Achimugu’s name has been circulated widely, with the commission urging anyone with information regarding her whereabouts to step forward.
The investigation, intensifying with each passing day, has revealed substantial financial transactions that have drawn considerable public and governmental attention. In a key affidavit, EFCC officials highlighted that during a prior arrest on February 12, 2024, Achimugu—accompanied by her lawyer, Darlington Ozurumba—provided a statement detailing how nearly N8.71 billion was injected into her corporate bank accounts. This sizable sum was allegedly contributed by her business partners as an investment intended for securing a signature bonus tied to an oil bloc acquisition on November 8, 2022.
Further scrutiny uncovered that through her company, Ocean Gate Engineering Oil and Gas Limited, she acquired two strategic oil blocks—Shallow Water-PPL 3007 and Deep Offshore-PPL 302-DO. The acquisition, involving approximately $25.3 million in predominantly cash transactions through Bureau De Change (BDC) operators, has raised serious concerns. Authorities allege that the funds used for these transactions did not align with her documented earnings or any legitimate business revenue.
EFCC officials have not shied away from highlighting the gravity of the situation. It is claimed that corrupt practices, including bribery of officials from the Nigerian Upstream Petroleum Regulatory Commission, marked the oil block deal. The investigation suggests that despite the significant capital deployment, exploration or production activities on the acquired oil blocks have yet to commence.
Additionally, the commission’s probe has unearthed that Achimugu operates an extensive network of financial accounts—136 in total—across ten major banks under both personal and corporate guises.
The controversial court order arrives at a crucial juncture for the EFCC, with mounting pressure from both the public and high-level government agencies to resolve what has become a nationally significant case. As the agency scrambles to adhere to the court’s strict timeline, legal experts are closely monitoring the developments, noting that the case could have far-reaching implications for the nation’s fight against corruption.
Observers of the case argue that the abrupt court order might be a tactical move by the judiciary to assert its authority over the investigative procedures of the EFCC. Meanwhile, supporters of Achimugu maintain that her release might be in line with fundamental legal principles governing administrative bail and the rights of the accused during ongoing investigations.
As the EFCC prepares its report on compliance due by May 2, 2025, the nation watches with bated breath. The unfolding events not only spotlight allegations of high-level corruption and financial misconduct but also emphasized the delicate balance between law enforcement and judicial oversight in Nigeria.
