Aisha Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, has dismissed claims that her wealth is linked to Babajide Sanwo-Olu, maintaining that her entrepreneurial journey began over two decades ago.
Speaking during an interview on Channels Television on Monday, Achimugu addressed growing public scrutiny surrounding her finances and her 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.
Responding to questions about whether her wealth was derived from political connections, particularly Sanwo-Olu, Achimugu firmly denied any such links. “Not at all,” she stated.
The businesswoman first gained widespread national attention in January 2024 after hosting a week-long 50th birthday celebration in Grenada, attended by several high-profile figures across Nigeria’s political and entertainment landscape, including the Lagos State governor. The event fueled public speculation over the origins of her wealth.
However, Achimugu insisted that her relationships with influential figures are a consequence of her success rather than its foundation.
“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, adding that strategic relationships are vital for business growth.
The controversy surrounding Achimugu intensified following actions by the EFCC. In April 2025, she was arrested at Nnamdi Azikiwe International Airport over allegations of money laundering after being declared wanted by the anti-graft agency.
Subsequently, in March 2026, a Federal High Court in Abuja, presided over by Justice Emeka Nwite, granted a final forfeiture order of $13 million allegedly linked to her company. The court held that the EFCC had established the funds as proceeds of fraud. Her firm has since filed an appeal challenging the ruling.
Addressing claims regarding the seized funds, Achimugu distanced herself from reports suggesting the money was recovered from her residence.
“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,” she added.
On her company’s oil block, Achimugu stated that it was secured through a “competitive and transparent” bidding process.
She further clarified that Sanwo-Olu’s presence at her birthday celebration was coincidental, noting that the governor was among several guests already at the venue.
“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 said.
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