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Key Points
- Aisha Achimugu arrested by EFCC over alleged $150.3 million fraud, linked to bribery and unlawful offshore oil asset acquisition.
- EFCC claims Achimugu used $25.3 million to bribe officials, securing stakes in two oil licenses through complex laundering schemes.
- Achimugu's company, Oceangate Oil and Gas, signed a $1.8 billion deal with Global Petroleum Group for offshore projects near Grenada.
Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has arrested businesswoman Aisha Achimugu in connection with an alleged $150.3 million fraud. Her legal counsel, Chikaosolu Ojukwu, confirmed the arrest on Tuesday, stating that Achimugu, who returned voluntarily from London, was picked up by EFCC operatives around 5 a.m.
Achimugu arrested in oil bribery probe
The arrest comes just days after the EFCC declared her wanted on allegations including money laundering, criminal conspiracy, and the unlawful acquisition of offshore oil assets.
Investigators claim Achimugu moved $25.3 million through bureau de change operators to bribe regulatory officials and secure stakes in two petroleum prospecting licenses, PPL 3007 and PPL 302-DO. The transactions, according to the EFCC, were deliberately layered to hide the origin of the funds, a method often used in laundering schemes.
Achimugu’s legal team had told the Federal High Court in Abuja on Monday that she intended to appear before the EFCC as part of the ongoing investigation. She is also being probed in a separate case involving the alleged misappropriation of N200 billion ($125.3 million) in public funds.
As part of this broader inquiry, the EFCC says it has traced 136 bank accounts linked to her and companies associated with her name—accounts allegedly used to channel suspicious funds.
Achimugu faces scrutiny after $1.8 billion deal
Aisha Achimugu’s legal woes surfaced just months after her company, Oceangate Oil and Gas Engineering, made headlines by signing a major deal with Global Petroleum Group (GPG) in October 2024.
The partnership, focused on developing offshore oil and gas reserves near Grenada, is anchored by a 38-year production-sharing agreement with the Grenadian government. Valued at $1.8 billion, with potential to grow to $8 billion, the project spans more than 7,500 square kilometers of offshore blocks and is expected to boost Grenada’s standing in the Caribbean energy sector.
Founded in 2005, Oceangate Oil and Gas Engineering operates across the entire oil and gas value chain—from scouting for new reserves to building infrastructure. Its services include exploration, engineering, procurement, pipeline construction, and offshore installation.
