EFCC reveals why Aisha Achimugu still in custody despite release order

Businesswoman Aisha Achimugu remains in the custody of the Economic and Financial Crimes Commission (EFCC) as of the weekend.

Aisha remains in custody having failed to meet the bail conditions due to her sureties’ inability to provide proof of owning landed property within Abuja, an EFCC official revealed.

Achimugu, who is being held over an alleged N8.71 billion oil bloc deal, is expected to have the credentials of two new sureties verified by the EFCC on Monday.

An official source within the commission disclosed, “Aisha is still in detention until she meets the bail conditions. The court mandated the EFCC to set bail conditions.

“We asked her to bring two sureties with landed property in Abuja. Her sureties could not meet our terms. She produced new sureties on Friday.

“We will verify the claims of those standing for her on Monday. If these sureties do not fulfil the required conditions, she will remain with us.”

Beyond the bail complications, Achimugu is also expected to provide a clear account of how she came to control 136 different bank accounts, the majority of which are corporate.

Recall that AFRIPOST reported the EFCC had declared Achimugu wanted in March 2025 on multiple allegations including conspiracy, money laundering, and unlawful property possession.

In a sworn affidavit presented by EFCC investigator Mr Chris Odofin, the businesswoman was said to be under investigation for alleged criminal conspiracy, obtaining funds under false pretences, and financial misconduct.

According to the affidavit, Achimugu operates 136 personal and business accounts across ten banks.

In her own account of the events, she explained that the N8.71 billion traced to her corporate accounts was an “investment fund” aimed at acquiring an oil bloc.

She further stated that the funds were remitted to a Federal Government account via her firm, Oceangate Engineering Oil and Gas Limited, supported by documents from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

However, EFCC investigations revealed that Achimugu’s firm had acquired two oil blocs—Shallow Water PPL 3007 and Deep Offshore PPL 302-DO—for a total of $25.3 million.

These transactions were reportedly carried out through Bureau de Change operators, raising questions about the sources and transparency of the funding.

The anti-graft agency is continuing its probe into the legitimacy of the acquisition process and the origins of the large sums involved.