Nigerian businesswoman Aisha Achimugu has publicly denied allegations that her wealth is linked to Lagos State Governor Babajide Sanwo-Olu, asserting that her financial success was built over years of legitimate business activities. Speaking during an interview on Channels Television on Monday, Achimugu, the founder of Oceangate Engineering Oil & Gas Ltd, insisted that her prosperity predates any association with political figures.
EFCC Investigation and Forfeiture Order
Achimugu's comments come amid intense scrutiny by the Economic and Financial Crimes Commission (EFCC), which declared her wanted on charges of alleged money laundering, as reported by The Cable. The controversy escalated following a March 2026 ruling by a Federal High Court in Abuja, where Justice Emeka Nwite ordered the final forfeiture of $13 million believed to be linked to Achimugu and her company. The court held that the anti-graft agency had established that the funds were proceeds of unlawful activities. However, Achimugu's firm has since initiated steps to challenge the ruling.
Achimugu: $13 Million Not Found in My House
Responding to claims about the forfeited funds, Achimugu clarified that the money was not recovered from her residence. She declined to provide further details due to ongoing legal proceedings. “My house was raided. Only $50,000 and N13 million belonging to my mom was found in my house and my personal belongings,” she stated. “I don’t know where Nigeria got the impression that I have $13 million in my house. I’m not a bank. I won’t keep $13 million in my house.”
Oil Block Acquisition and Business History
Addressing questions about her wealth and business interests, Achimugu explained that her company secured an oil block through a legitimate process, as reported by Vanguard. According to her, the asset belongs to Oceangate Engineering Oil & Gas Ltd and was obtained after a “competitive and transparent” bidding exercise. She added that her entrepreneurial journey began in 2001, long before her recent public visibility.
Achimugu: My Money Not from Sanwo-Olu
Achimugu also rejected insinuations that her relationship with Governor Sanwo-Olu influenced her financial success, despite his attendance at her widely publicised 50th birthday celebration in Grenada. “I have always had access to power and governance. I’m a known Nigerian. I have friends, and I have done well. I have not done anything that will make anyone stay away from me,” she said. “If they are on a shore where I’m doing something, they pump in and celebrate with me. It is not a rare character or something new. I’m an entrepreneur and business owner. Having to know those who will increase my portfolio because it is very important to me. It is not about Governor Sanwo-Olu at all.”
She further elaborated, “I started my business in 2001. My background is a decent family. My late husband was the MD of PPMCC. I met him in the course of the work. I actually met him doing business in NNPC.” When asked directly if her wealth was linked to any political associate, including the Lagos governor, she responded, “not at all.”
