Inside EFCC’s money laundering, Ponzi scheme case against Aisha Achimugu

The Economic and Financial Crimes Commission (EFCC) has revealed some details of a web of complex financial dealings that set off socialite Aisha Achimugu’s investigation for money laundering, Ponzi scheme, possession of unlawfully obtained properties, and other financial crimes.

Ms Achimugu, along with Maxwell Odum of MBA Trading and Capital Limited, is at the centre of the probe, according to the anti-corruption agency.

The EFCC arrested her at the Nnamdi Azikiwe International Airport at about 5 a.m. on Tuesday, just as she arrived from the United Kingdom.

Tuesday’s arrest came less than 24 hours after a Federal High Court judge in Abuja, who is sitting on the fundamental rights enforcement she earlier filed to block her arrest, ordered her on Monday to surrender to EFCC for interrogation.

On Wednesday, the EFCC produced her in court where the judge, Inyang Ekwo, gave the anti-corruption agency 24 hours to release her on bail.

Ms Achimugu and the EFCC have filed counter-submissions in court to persuade the judge to rule in their favour.

EFCC is not the only law enforcement agency sued by Ms Achimugu in the suit she filed on 3 April following the 28 March public notice declaring her wanted. Other law enforcement agencies appeared to have been sued merely as nominal parties.

In a filing by the EFCC, the fourth respondent, to counter Ms Achimugu’s suit, the commission linked the businesswoman to 136 bank accounts across 10 Nigerian banks, operated under both personal and corporate identities.

The filing, a counter-affidavit submitted in court in opposition to the applicant’s motion ex-parte filed on 3 April 2025, stated that aside from uncovering the bank accounts, it identified 21 companies allegedly used by Ms Achimugu to “disguise and conceal the origin of unlawful funds/properties.”

EFCC investigator Chris Odofin, who swore to the counter-affidavit, said many of the companies share similar addresses in Abuja’s Maitama district.

According to Mr Odofin, some of the companies owned by Ms Achimugu, classified as Designated Non-Financial Businesses and Professions (DNFBPs), failed to file mandatory transaction reports despite making and receiving significant payments. He said the companies “do not file their mandatory transactions reports for the prescribed amounts of payments and withdrawals made in the accounts in line with the said Act.”

Although businesses that fall under the DNFBPs category are not traditional financial institutions like commercial banks, they are still required under the Money Laundering (Prevention and Prohibition) Act, to follow anti-money laundering rules because they handle large sums of money.

Under the Act, DNFBPs are legally obligated to report any transactions involving large payments or withdrawals to the relevant authorities.

Mr Odofin, the EFCC detective, accused Ms Achimugu of using bank accounts held by her companies to acquire, possess, and disguise the origin of proceeds from illegal activities.

These activities, Mr Odofin stated, include “obtaining money by false pretence, carrying on banking business without appropriate licence, carrying on investment business without appropriate licence and money laundering, perpetrated by Mr Maxwell Chizi Odum, MBA Trading and Capital Investment Limited, MBA lorex Limited, among others.”

The list of companies allegedly used to perpetrate the financial scam include Sam Engineering Foundation, Falek Concept Limited, Ocean Gate Engineering Oil and Gas Limited, and Wishwich Konzept Limited, Bradap and Company Ltd, Koncept Digital Integrated Services Limited, Blue Broadband Solutions Limited, Miss Peace Nigeria Foundation, Bilview Energy Limited, Ay-Dol International Limited, Blue Pay Limited.

Others are Bluewave Exploration and Production Limited, Rail Conference & Exhibition, Blue Auth Koncept Limited, Deepwater, Producers Nigeria Limited, Ww Luxury Limited, Metrocorp Apartments Ltd, Driveme Fcg. Net, Altex Engineering Limited, and Gitel Eco Solution Ltd Services.

Alleged Ponzi scheme

On 29 April 2021, the EFCC said it received a petition from one Christian Agadaga, and over three thousand Nigerians, against Mr Odum and MBA Trading and Capital Investment Limited.

The petitioners accused Mr Odum and MBA Trading and Capital Investment Limited of defrauding them of over N200 billion under the false pretence that they have the capacity to invest the money for yields.

The investors said they were promised that the Ponzi scheme would yield an interest of 10 to 15 per cent every month. However, the investors did not get a return on their investment, the petitioners told EFCC.

Upon investigation, the EFCC said it uncovered bank transactions between MBA Trading and Capital Investment Limited and Felak Concept Group which is owned by Aisha Achimugu.

The anti-corruption agency said it traced various sums of money paid by MBA Trading and Capital Investment Limited into the Sun Trust Bank account of Felak Concept Group.

According to the EFCC, on 6 October 2020, Felak Concept Group Limited’s Sun Trust Bank account (0001252281) received N4 billion from MBA Trading and Capital Investment Limited.

The following day, Felak Concept Group Limited, Ms Achimugu’s prime business entity, received N40 million from ALTEX Engineering Services Ltd, a spinoff of her business establishments. This N40 million was then transferred to Wada Autos Limited on 8 October 2020.

Felak Concept Group Limited subsequently transferred N4 billion back to MBA Trading and Capital Investment Limited in two separate transactions on 21 and 23 October 2020.

EFCC said that in a similar trend, Ocean Gate Engineering Oil and Gas LTD received from MBA Trading and Capital Investment Limited N958 million on 6 October 2020.

Weeks after, on 26 October, Ocean Gate Engineering Oil and Gas Ltd- transferred N900 million to MBA Trading and Capital Investment Limited. The balance of N58 million was used by Ms Achimugu. She also withdrew cash on 16 and 22 December 2020 as well as 22 February 2021.

EFCC said these transactions were part of a Ponzi scheme and money laundering activities.

“The above stated findings from investigation and many other transactions unearthed during investigation, necessitated my team to request the legal and prosecution department of the Economic and Financial Crimes Commission, Port Harcourt Zonal Directorate, to approach this honourable court for preservation orders on bank accounts and other corporeal and incorporeal properties of suspects in the Ponzi scheme and accompanying money laundering activities.

“Accordingly, upon the ex parte applications of counsel to the Economic and Financial Crimes Commission, the Port Harcourt Judicial Division of this Honourable Court, made preservation orders on the Bank accounts of the plaintiff’s companies, among other properties and bank accounts,” Mr Odofin said.

EFCC responds to rights violation claim

EFCC’s filing shows the investigation of Ms Achimugu’s activities started long before news broke last month.

It means, she was already under EFCC’s scrutiny by the time she threw an elaborate party on the Caribbean Island of Grenada in commemoration of her 50th birthday in January last year. Lagos State Governor Babajide Sanwo-Olu was a guest at the party.

EFCC investigator, Mr Odofin, recalled that Ms Achimugu voluntarily visited the Port Harcourt Zonal Directorate of the commission on 12 February 2024, about a month after the Grenada party.

According to the EFCC, Ms Achimugu, accompanied by her lawyer Darlington Ozurumba, was received courteously and treated humanely. The EFCC claims that Ms Achimugu made verbal representations, which she later put into writing in an extra-judicial statement dated 12 February 2024.

The agency said she was not detained and proceeded to her destination after making the statement.

The EFCC also revealed that it has already received from Ms Achimugu a refund of N58 million identified as proceeds of crime acquired through one of her firms, MBA Trading and Capital Investment Limited.

Despite the serious allegations, the EFCC stated that at no point was Ms Achimugu.

harassed, detained, or compelled to make statements.

Denial

Ms Achimugu broadly denied wrongdoing in her suit.

A supporting affidavit sworn to by Ifeanyi Otuya, who identified as Ms Achimugu’s brother, described her as “an internationally renowned industrialist, businesswoman, law abiding citizen and philanthropist whose exemplary leadership and commitment to empowering communities have earned her international recognition.”

He wrote that her inability to honour EFCC’s invitation was due to a medical trip abroad.

Mr Otuya added that declaring her wanted by the EFCC has had “adverse publicity and negative perception” against her.

He also said the actions of the EFCC “have not only undermined her professional credibility but have also jeopardised existing business relationships, deterred potential investors and partners, and subjected the applicant to unwarranted public scrutiny and distress.”

Alleged escape

On 28 March, the EFCC published a public notice declaring Ms Achimugu wanted after she failed to honour the agency’s request for an interview scheduled for 5 March.

Following her failure to appear at the EFCC’s office, the agency believed she had fled the country.

On 3 April, she filed a fundamental human rights enforcement suit to restrain the EFCC and other agencies sued as co-defendants from arresting or detaining her.

Other agencies she sued alongside EFCC are the Nigeria Police Force, Independent Corrupt Practices and Other Related Offences Commission (ICPC), State Security Service (SSS), Nigeria Security and Civil Defence Corps (NSCDC), and the Nigerian Immigration Service (NIS).

On Monday, Ms Achimugu’s lawyers told the judge, Mr Ekwo, that her failure to attend the initial EFCC summons was due to medical treatment abroad.

He said despite attempts to reschedule her EFCC interview, the agency declared her wanted without adequate consideration.

Mr Ekwo ordered Ms Achimugu to appear before the EFCC on 29 April. He also directed the EFCC to produce Ms Achimugu in court on 30 April to report on her appearance and cooperation with the investigation.

Meanwhile, one of her lawyers, Chikaosolu Ojukwu, disclosed that Ms Achimugu, declared a hunger strike after her arrest on Tuesday.

The judge ordered EFCC on Wednesday to grant her bail within 24 hours.

He also fixed 2 May (Friday) for the respondents, including the EFCC, to report compliance with its order.