A prominent Nigerian businesswoman has dismissed claims that anti-corruption agents recovered $13m (£10.4m) in cash during a raid on her home, calling the figure a “wrong impression.”

Aisha Achimugu, whose company Oceangate Engineering Oil and Gas Ltd is at the center of a major money laundering investigation, broke her silence on Monday. Speaking to Channels Television, she insisted that the actual amounts seized during the search were $50,000 and 13 million Naira—funds she says were for family emergencies and her mother’s personal use.

The Economic and Financial Crimes Commission (EFCC) has previously alleged that her firm used unlicensed currency traders to move vast sums of “unlawful” cash to pay for oil block licenses in 2024.

‘I Am Not a Bank’

Ms. Achimugu, who was declared wanted by the EFCC last year, used the interview to separate her personal finances from the corporate legal battle currently before a Federal High Court.

Key Points from the Clarification:

• The Raid: She confirmed her residence was searched but laughed off the $13m cash claim. “I am not a bank,” she said, explaining that the $50,000 found was kept for her children’s overseas school fees.
• The Forfeiture: In March, a court upheld the final forfeiture of $13m linked to her company. Ms. Achimugu declined to discuss the specifics of that ruling, citing the ongoing legal process.
• Oil Block Bids: She defended her company’s acquisition of two oil blocks, describing the licensing rounds as “public and transparent” rather than a selective or backroom deal.

Analysis: The ‘Signature Bonus’ Scandal

In the complex world of Nigerian oil, the “signature bonus”—the upfront payment made to the government for the right to drill—is often where the trouble begins. The EFCC’s case against Oceangate hinges on how that money was sourced. The commission suspects that instead of using formal banking channels, the company relied on a network of Bureau de Change operators to gather millions in cash.

Ms. Achimugu’s defense is a classic pushback against what her legal team likely sees as “trial by media.” By appearing on national television, she is attempting to humanize her brand and protect her reputation before the court delivers its final verdict. However, the $13m already forfeited to the state remains a massive hurdle. In a country where the public is weary of “oil-money” scandals, the transparency of the 2024 licensing rounds is now under a microscope.

Faith in the Judiciary

Despite the high-stakes allegations, Ms. Achimugu maintained that she still “believes strongly” in the Nigerian judicial system. She also questioned the validity of information published on the EFCC website, suggesting it lacked legal clarity.

As the government moves to tighten its grip on how oil blocks are financed, the Oceangate case is being watched closely as a test of the Tinubu administration’s resolve to clean up the energy sector.