Detained businesswoman, Aisha Achimugu, remains in the custody of the Economic and Financial Crimes Commission (EFCC) as she has failed to meet the bail conditions set by the commission regarding her alleged involvement in a N8.71 billion oil bloc transaction.
A top EFCC source confirmed over the weekend that Achimugu, who has been in detention since March 2025, is still being held because the two sureties she initially presented do not own landed property in Abuja, as required by the court. The EFCC had mandated that she provide two sureties with verified landed property in the federal capital territory before being granted bail.
“Her sureties could not meet our terms,” the EFCC source said. “She produced new sureties on Friday, and we will be verifying their claims on Monday. If the new sureties do not fulfill the required conditions, she will remain in our custody.”
Achimugu, who is being investigated for allegations including conspiracy, money laundering, and possession of property suspected to have been acquired through unlawful means, has also been asked to account for the 136 bank accounts, including corporate accounts, under her name.
According to an affidavit filed by an EFCC investigator, Chris Odofin, Achimugu’s company, Oceangate Engineering Oil and Gas Limited, received a total inflow of N8.71 billion into corporate accounts, which she claims were investment funds for the acquisition of an oil bloc. However, the EFCC has expressed doubts about the legitimacy of these transactions.
The EFCC is also scrutinizing the sources of funds used for the acquisition of two oil blocs, Shallow Water PPL 3007 and Deep Offshore PPL 302-DO, at the cost of $25.3 million. Investigations revealed that payments for the oil blocs were allegedly made through bureau de change operators, raising further concerns about the transparency of the deal.
Achimugu has denied any wrongdoing, claiming that the funds were legitimate investments for the oil sector, and referencing documentation from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to back her claims. However, the EFCC has yet to confirm the legitimacy of these documents.
As the EFCC continues its investigation, Achimugu’s fate remains uncertain. Her continued detention will hinge on the outcome of Monday’s verification of her sureties’ claims.
The case has drawn significant attention, highlighting concerns over the transparency of oil bloc transactions in the country and raising questions about the accountability of individuals in high-profile business dealings.
