Aisha Achimugu faces new EFCC probe over $250m election scandal

Prominent businesswoman and socialite, Aisha Achimugu, the Group Managing Director of Felak Concept Group, is embroiled in a deepening legal storm over allegations of large-scale misappropriation of election funds.

Achimugu stands accused of diverting $250 million, allegedly entrusted to her by an unnamed state governor for the purpose of financing political activities ahead of the 2027 general elections.

The latest development comes after operatives of the Economic and Financial Crimes Commission (EFCC) conducted a raid on her Abuja residence located at No. 61 Hassan Usman Katsina Street.

During the search, EFCC officials reportedly discovered: N30 million in cash, $50,000 in cash, several boxes of gold, diamonds, and silver jewelry — collectively valued at over N1 billion.

In addition to the physical recoveries, the EFCC is pursuing a sweeping financial investigation.

Sources within the agency revealed that 136 bank accounts linked to Achimugu — spanning across 10 different banks — are currently under scrutiny. These accounts are held in both her personal name and the names of various corporate entities allegedly tied to her.

Investigators suspect that Achimugu used up to 20 shell companies to launder and conceal the movement of the misappropriated funds.

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This latest scandal follows closely on the heels of Achimugu being declared wanted by the EFCC just weeks ago for alleged fraud and money laundering offenses.

While the EFCC has yet to formally disclose the identity of the political figure allegedly involved, insiders suggest that the case could expose a broader network of election-related financial misconduct.

The 2027 elections are still two years away, but the enormous sums involved highlight the shadowy undercurrents of early campaign financing, and the increasing role of private actors in political funding mechanisms.

Analysts warn that this case could be an early indicator of how corruption and illicit funding might shape the coming elections if proactive measures are not enforced. The EFCC has vowed to trace every kobo and dollar allegedly misused in the scandal.

A senior EFCC official, speaking on condition of anonymity, said: “We are determined to follow this trail to the very end. The magnitude of what we have uncovered is staggering. Nigerians deserve free and fair elections — not ones bought with stolen public funds.”

Aisha Achimugu, once celebrated for her philanthropic endeavors and flamboyant lifestyle, now faces a battle to clear her name amid intensifying legal and public scrutiny.