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BUSINESSWOMAN AISHA ACHIMUGU SPEAKS OUT, CALLS FOR PROTECTION OF LIFE AND RESPECT FOR RULE OF LAW

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Nigerian businesswoman and investor Aisha Achimugu has made a public appeal for the protection of her life, her family, and her business interests while alleging a sustained campaign of intimidation, media trial, and asset seizures.

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Achimugu, in a statement Tuesday, said she is facing actions that she described as an affront to the rule of law and natural justice.
She then called for the respect for court orders and for an end to what she termed misleading media coverage about her person and companies.
According to Achimugu, the widow of the late Engr. Sulaiman Achimugu, former Managing Director of the Pipelines and Product Marketing Company, PPMC, she has over the last three decades built businesses in the oil and gas and other sectors, and runs the SAM Empowerment Foundation, SEF, which she said has implemented health, education, and community projects across Nigeria.
The businesswoman, however, alleged that since 2023 she has been the subject of investigations and actions by the Economic and Financial Crimes Commission, EFCC.
Narrating her ordeals, Achimugu noted that in 2023, the EFCC’s Port Harcourt zonal office froze her personal accounts, her children’s accounts, and company accounts linked to the Felak Group, based on an interim forfeiture order.
She said this was connected to a mistaken association with MBA Forex and Capital Investment.
Achimugu stated that in January 2024 she honoured an EFCC invitation with her counsel, clarified her company’s single transaction with MBA Forex, and refunded N58 million by bank draft to the EFCC recovery account.
In March 2025, the businesswoman said she received WhatsApp messages inviting her to the EFCC Port Harcourt office. Her lawyer responded in writing, proposing dates in April 2025. Despite this, she alleged a media campaign began on March 10, 2025 linking her to wrongdoing.
On March 28, 2025, the same day her company, Oceangate Oil & Gas Limited, submitted proof of $20 million payment to NUPRC for oil blocks PPL 302-DO and PPL 3007, subsequently, she claimed the EFCC declared her a “Wanted Person” for “conspiracy and money laundering.” She also alleged that EFCC operatives searched her home that day.
In April 2025, Achimugu said she filed a fundamental rights suit at the Federal High Court, Abuja. But upon returning to Nigeria on April 28, 2025 from a foreign trip, she alleged she was taken into EFCC custody, granted bail by a judge, but released five days later. She also said her international passport was collected.
She alleged further asset actions, including freezing of bank accounts, and the seizure of vehicles from her home in January 2026. She said matters relating to these actions are the subject of ongoing litigation and appeals.
Achimugu also alleged that her United States visa was revoked in April 2025, and that she encountered issues with visa processing related to her Grenadian citizenship, which she linked to media reports citing the EFCC’s declaration.
Achimugu stated that she has invested nearly $90 million in Nigeria’s oil and gas sector in the last five years and has attracted over $100 million in investments into the economy while directly employs close to 200 Nigerians.
However, she said the actions of the anti-graft agency have affected her business operations, international partnerships, and family, including her elderly parents and young children.
Achimugu then called on the National Assembly, the Judiciary, security services, and local and international human rights organizations to examine her case.
She also asked for the protection of her life and properties, respect for court orders, and an end to what she described as a “media trial”.
“I believe that justice delayed is justice denied, and I am not afraid to face the law provided due process is followed. My lawyers are pursuing all legal remedies locally and internationally,” she said.
Achimugu added that she remains committed to Nigeria and to supporting private sector growth.

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AICL Woos Ugandan Investors, Invites Them to ABIE 2027

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AICL asked Ugandan investors Nigeria to use Abuja as an entry point and to attend ABIE 2027, as officials from both countries pushed AfCFTA trade links

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Tinubu to Open Niger Delta Economic Summit in Port Harcourt

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Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth

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Dangote Refinery Sets ₦525 Share Price for Landmark IPO

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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.

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The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.

The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.

The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.

The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.

The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.

The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.

The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.

The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.

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