Aisha Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, has denied that her wealth was built on her association with Babajide Sanwo-Olu, governor of Lagos State, insisting she has been an entrepreneur since 2001.
Achimugu made the denial in an interview with Channels Television on Monday, amid swirling controversy over her finances and an ongoing legal battle with the Economic and Financial Crimes Commission (EFCC).
“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,” she said.
When directly asked whether her money came from Sanwo-Olu or any of her influential friends, she said “Not at all.”
The businesswoman came to national attention in January 2024, when she hosted a seven-day 50th birthday celebration on the Caribbean island of Grenada.
The lavish event drew prominent figures from Nigeria’s entertainment industry and political class, including Governor Sanwo-Olu, sparking public speculation about the source of her wealth.
More than a year later, the EFCC declared her wanted over money laundering allegations before arresting her at Nnamdi Azikiwe International Airport, Abuja, on April 29, 2025.
In March 2026, a federal high court in Abuja granted a final forfeiture order of $13 million allegedly linked to her firm.
Presiding judge Emeka Nwite held that the EFCC had proven the funds were proceeds of fraud. Achimugu’s firm has since commenced an appeal against the order.
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On the forfeited funds, Achimugu declined to go into specifics, citing the pending litigation, but firmly distanced herself from the narrative that the money was found in her possession.
“My house was raided. Only $50,000 and N13 million belonging to my mom was found in my house and my personal belongings,” she said.
“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.”
On the oil block held by Oceangate Engineering Oil & Gas Ltd, Achimugu said it was awarded to the company through what she described as a “competitive and transparent” bid process.
Addressing her well-documented access to political power — illustrated by Sanwo-Olu’s presence at her birthday — Achimugu argued that her connections were a function of her success, not its cause.
“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.
“I’m an entrepreneur and business owner. Having to know those who will increase my portfolio is very important to me. It is not about Governor Sanwo-Olu at all.”
She added that the Lagos governor was simply among guests who were already present at the venue of the celebration.
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