Aisha Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, has rejected claims that her wealth is tied to her relationship with Babajide Sanwo-Olu, maintaining that she has built her career independently since 2001.
Speaking during an interview with Channels Television, Achimugu addressed ongoing scrutiny surrounding her finances and her legal dispute with the Economic and Financial Crimes Commission (EFCC). She explained that her entrepreneurial journey began over two decades ago, supported by her professional background and early exposure to the oil sector, including work with the Nigerian National Petroleum Corporation.
She firmly denied receiving financial backing from Sanwo-Olu or other influential figures, stating that her success predates such associations.Achimugu gained widespread attention in January 2024 after hosting an elaborate week-long 50th birthday celebration in Grenada. The event attracted high-profile guests from Nigeria’s political and entertainment circles, including the Lagos governor, which fueled public speculation about her sources of wealth.
In April 2025, the EFCC arrested her at Nnamdi Azikiwe International Airport over allegations of money laundering. Earlier, she had been declared wanted by the agency. The case intensified in March 2026 when a Federal High Court in Abuja ordered the final forfeiture of $13 million linked to her company. Justice Emeka Nwite ruled that the funds were proceeds of fraud, a decision her firm is currently appealing.
Responding to claims about the forfeited money, Achimugu dismissed reports that such funds were discovered in her possession. She clarified that only $50,000 and N13 million—belonging to her mother—were found during a raid on her residence.
She also defended the legitimacy of her company’s acquisition of an oil block, stating it was secured through a transparent and competitive bidding process.
On her connections to political figures, Achimugu argued that her network is a result of her success rather than the source of it. She emphasized that building relationships is a normal part of growing a business and insisted her association with Sanwo-Olu should not be misconstrued.