Key Points
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EFCC links Achimugu to a vast money laundering network.
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Over N200 billion lost in alleged Ponzi scheme.
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Achimugu refunded N58 million identified as illicit funds.
The Economic and Financial Crimes Commission (EFCC) has implicated businesswoman Aisha Achimugu in a complex financial scheme involving money laundering and a Ponzi operation.
Investigations revealed her connection to 136 bank accounts across 10 Nigerian banks and 21 companies allegedly used to conceal illicit funds.
These companies, many sharing addresses in Abuja’s Maitama district, reportedly failed to file mandatory transaction reports, violating the Money Laundering (Prevention and Prohibition) Act.
Ponzi scheme defrauds thousands
In April 2021, the EFCC received a petition from over 3,000 Nigerians alleging that Maxwell Odum and MBA Trading and Capital Investment Limited defrauded them of over N200 billion through a Ponzi scheme promising monthly returns of 10 to 15 percent.
Investigations traced significant funds from MBA Trading to companies linked to Achimugu, including a N4 billion transaction to Felak Concept Group Limited. Subsequent transfers and withdrawals suggest efforts to launder these funds.
Legal proceedings and responses
Achimugu was arrested at Nnamdi Azikiwe International Airport upon her return from the UK. She had previously filed a suit to prevent her arrest, citing medical treatment abroad as the reason for missing EFCC summons.
The EFCC stated that she voluntarily visited their Port Harcourt office in February 2024 and refunded N58 million identified as proceeds of crime.
Despite her denial of wrongdoing, the EFCC maintains that her actions have significantly impacted public trust and investor confidence.
