EFCC Arrests Aisha Achimugu Over $150M Fraud and Ponzi Scheme Ties

Nigeria's anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has launched a wide-ranging investigation into Aisha Achimugu, a wealthy businesswoman whose lavish lifestyle recently drew national attention. At the heart of the probe are allegations linking her to a massive $150 million fraud and ties to the collapsed MBA Trading Ponzi scheme.

Achimugu first made headlines in early 2024 when she threw an opulent seven-day birthday bash on Calivigny Island in Grenada, a luxury getaway that rents for $132,000 per night. Guests were flown in on private jets, champagne flowed aboard a 65-meter yacht, and Achimugu reportedly changed outfits over 30 times, flashing high-end designer pieces, including Hermès crocodile handbags worth tens of thousands of dollars.

But behind the glamor, EFCC investigators say they’ve uncovered a darker narrative.

$25 Million in Suspect Deals

Court documents reveal that Achimugu allegedly moved over $25 million through bureau-de-change channels—money the EFCC says came from unknown sources. Investigators claim this cash was used to purchase two offshore petroleum blocks (PPL 3007 and PPL 302-DO) and to pay bribes to officials at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Though the regulator denies any wrongdoing, the oil blocks approved in 2024 remain undeveloped.

Ties to a Collapsed Ponzi Scheme

The investigation also links Achimugu to MBA Trading and Capital Investment Limited, a fraudulent investment platform that scammed investors out of approximately N200 billion (about $125 million). The scheme's founder, Maxwell Odum, remains at large.

According to the EFCC, funds from MBA were funneled into companies owned by Achimugu—specifically, Felak Concept Group and Oceangate Engineering Oil and Gas. One of the transactions under scrutiny involves a transfer of N4 billion to Felak Concept Group in October 2020.

Trail of Wealth and Assets

In total, the EFCC has connected Achimugu to 136 bank accounts across 10 financial institutions. A raid on her residence in Maitama, Abuja, in March 2025 yielded N30 million in cash, $50,000, and precious metals—gold, silver, and diamonds—estimated at over N1 billion in value.

Legal Pushback and Denial

Achimugu has strongly denied the allegations. Her legal team insists all funds were legally earned through business ventures and accuses the EFCC of engaging in a “fishing expedition.” She has filed a lawsuit to prevent her arrest and to reclaim the seized assets. That case is expected to be heard in May.

After appearing once before the EFCC in February, Achimugu left Nigeria and has ignored subsequent summonses. On March 28, authorities declared her wanted. Whether the EFCC can secure her return remains uncertain, as high-profile extraditions often drag on in Nigeria’s court system.

The Bigger Picture

The EFCC, now under the leadership of Ola Olukoyede, appears determined to revitalize its public image and prove its ability to prosecute high-level corruption. However, with so many similar cases ending in delays or quiet dismissals, public confidence remains shaky.

For now, all eyes are on whether Achimugu will return to face the charges—or whether this case, like many before it, will quietly fade from view. Investors defrauded by MBA Trading are still waiting for justice. So is a government eager to show it can hold the powerful accountable.

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