Aisha Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, has denied claims that her wealth is tied to her relationship with Babajide Sanwo-Olu, insisting she built her business independently over two decades.
Speaking during an interview on Channels Television on Monday, Achimugu said she has been an entrepreneur since 2001 and dismissed suggestions that her finances are linked to political connections.
“I started my business in 2001. I come from a decent family background. My late husband was the MD of PPMCC. I met him while doing business with NNPC,” she said.
When asked directly if her wealth came from Sanwo-Olu or other influential associates, she responded, “Not at all.”
Achimugu first drew widespread public attention in January 2024 after hosting an elaborate seven-day 50th birthday celebration in Grenada, attended by prominent figures from Nigeria’s entertainment and political circles, including the Lagos governor. The event fueled speculation about the source of her wealth.
Her comments come amid an ongoing legal battle with the Economic and Financial Crimes Commission (EFCC), which declared her wanted over alleged money laundering before arresting her at the Nnamdi Azikiwe International Airport on April 29, 2025.
In March 2026, the Federal High Court in Abuja granted a final forfeiture order of $13 million linked to her company. Presiding judge Emeka Nwite ruled that the EFCC had established the funds as proceeds of fraud. Achimugu’s firm has since filed an appeal.
Addressing the forfeiture, Achimugu declined to provide details, citing ongoing litigation, but rejected claims that the funds were found in her possession.
“My house was raided. Only $50,000 and N13 million belonging to my mother were found there, along with my personal belongings,” she said.
“I don’t know where Nigerians got the impression that I had $13 million in my house. I’m not a bank.”
On the oil blocks awarded to Oceangate Engineering Oil & Gas Ltd, she maintained that the company secured them through a transparent and competitive bidding process.
Responding to questions about her access to political figures, Achimugu said her connections are a result of her business success rather than the source of it.
“I have always had access to power and governance. I’m a known Nigerian. I have friends, and I have done well,” she said.
“It’s important for me as a business owner to know people who can grow my portfolio. It is not about Governor Sanwo-Olu at all.”
She added that the Lagos governor was simply one of several guests present at the venue during her birthday celebration.
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