Businesswoman Aisha Achimugu has rejected claims that her wealth was built on her association with Lagos State Governor Babajide Sanwo-Olu, saying she began her entrepreneurial career in 2001, years before her high-profile friendship with the governor attracted public attention.
Speaking in an interview with Channels Television on Monday, Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, said her business success predated any political connections. “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 — doing business in NNPC,” she said.
Sanwo-Olu’s attendance at her seven-day 50th birthday party in Grenada in January 2024 drew widespread attention and later fuelled speculation about the nature of their relationship. Achimugu dismissed the insinuation. “If they are on a shore where I’m doing something, they pump in and celebrate with me,” she said. “It is not about Governor Sanwo-Olu at all.”
The $13 million question
Achimugu also addressed the court-ordered forfeiture of $13 million allegedly linked to her firm, though she declined to discuss specifics given the ongoing legal proceedings. She pushed back firmly against the suggestion that the funds were found in her possession. “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,” she said, adding that only $50,000 and N13 million — both belonging to her mother — were found during a raid on her residence.
A federal high court in Abuja granted the final forfeiture order in March 2026, with the presiding judge holding that the EFCC had proven the funds were proceeds of fraud. Oceangate has since commenced an appeal against the ruling.
Background
The EFCC declared Achimugu wanted over money laundering allegations before arresting her at Nnamdi Azikiwe International Airport in Abuja on 29th April 2025. She has maintained that her oil block was acquired through a “competitive and transparent” bid process and that her access to powerful figures is a product of her business standing rather than political patronage. “I have always had access to power and governance. I’m a known Nigerian. I have friends, and I have done well,” she said.
