EFCC Declares Business Magnate Aisha Achimugu Wanted in N39bn Money Laundering Scandal
ABUJA – Nigeria’s Economic and Financial Crimes Commission (EFCC) has ignited political fireworks after declaring prominent businesswoman and socialite Aisha Sulaiman Achimugu wanted for alleged money laundering and criminal conspiracy. The March 28, 2025 declaration came amid explosive revelations about clandestine political financing during the 2023 general elections.
EFCC spokesperson Dele Oyewale confirmed the development through an official circular showing Achimugu’s photograph and personal details. The anti-graft agency listed her last known address as 6C Rudolf Close, Maitama – an upscale Abuja neighborhood housing political elites and business moguls.
Investigators allege the 51-year-old CEO of Felak Concept Group moved billions through shell companies, with portions allegedly funneled to opposition figures. Security sources claim financial trails show suspicious transactions to Atiku Abubakar’s PDP and Peter Obi’s Labour Party camps following President Bola Tinubu’s shock loss in Lagos during the 2023 presidential polls.
The declaration capped weeks of political drama that saw President Tinubu reportedly “furious” upon discovering the financial links between his Lagos protégé Governor Sanwo-Olu and opposition leaders. A Presidency source revealed: “This wasn’t just about stolen funds – it was personal betrayal. The President felt stabbed in the back by someone from his inner circle.”
Achimugu’s lawyers maintain her innocence, arguing the timing reeks of political vendetta. However, EFCC documents show the investigation began in 2022, with a Federal High Court recently dismissing her injunction against arrest. Justice Ahmed Mohammed ruled on February 19: “No court can block constitutional investigative powers when prima facie evidence exists.”
The accused socialite first gained public attention through her extravagant 50th birthday celebration in January 2024. Dubbed “Grenada Splash,” the week-long Caribbean fête reportedly cost N1.6 billion, featuring private island rentals at $30,000/night and performances by A-list Nigerian artists. Tax authorities later reminded Achimugu about filing returns through a viral social media post.
Before her legal troubles, Achimugu enjoyed prestige as an award-winning entrepreneur. The University of Jos accounting graduate built Felak Concept Group into a conglomerate spanning maritime engineering, oil services, and infrastructure development. Her SAM Empowerment Foundation claims to have supported over 200,000 Nigerians through healthcare and education initiatives.
Political analysts suggest the scandal could reshape Lagos politics ahead of 2027 elections. Governor Sanwo-Olu faces mounting pressure to distance himself from his embattled ally, with Tinubu loyalists questioning his allegiance. The governor’s office declined comment, but Atiku Abubakar’s media team called the allegations “baseless lies from Bourdillon’s pit of hell.”
EFCC has frozen 17 properties linked to Achimugu across Abuja, Lagos, and Dubai. Investigators are tracing luxury assets including a Bombardier Challenger jet and prime real estate in Ikoyi. The commission urges anyone with information on her whereabouts to contact their offices nationwide.
As night fell on Abuja, security forces maintained surveillance at Achimugu’s Maitama residence. Neighbors reported unusual activity in recent weeks, with moving trucks seen transporting artwork and documents. The once-vibrant compound now stands eerily quiet, its gates chained and windows darkened – a physical manifestation of a spectacular fall from grace.
Legal experts predict an uphill battle for Achimugu if apprehended. Nigeria’s Money Laundering Act prescribes 14 years imprisonment for convictions involving over N10 million. With alleged sums exceeding N39 billion, this case could become Nigeria’s largest financial crime prosecution since the Abacha loot recoveries.
The drama continues to unfold as anti-corruption activists demand answers about political financing mechanisms. For everyday Nigerians struggling with economic hardship, the scandal reinforces perceptions of elite impunity. As one Abuja street vendor noted: “These big people play with billions while we fight for bread. When will our suffering matter?”