Aisha Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, has dismissed claims that her wealth is tied to Lagos State Governor Babajide Sanwo-Olu, insisting her financial success stems from years of entrepreneurship.
Speaking during an interview on Channels Television on Monday, Achimugu said she has been in business since 2001 and built her career independently. She attributed her early exposure in the oil and gas sector to her work with the Nigerian National Petroleum Corporation (NNPC), where she met her late husband, a former managing director of PPMCC.
Responding to questions about whether her wealth was influenced by Sanwo-Olu or other powerful associates, she firmly denied the allegation, stating that her success predates such relationships.
Achimugu has faced increased public scrutiny since January 2024, when she hosted a lavish week-long 50th birthday celebration in Grenada, attended by prominent figures, including Sanwo-Olu. The event fueled speculation about her financial standing.
Her remarks come amid an ongoing legal dispute with the Economic and Financial Crimes Commission (EFCC), which had declared her wanted over alleged money laundering before arresting her at the Nnamdi Azikiwe International Airport in April 2025.
In March 2026, a Federal High Court in Abuja ordered the final forfeiture of $13 million linked to her firm. The ruling, delivered by Emeka Nwite, held that the funds were proceeds of fraud. Achimugu’s company has since filed an appeal against the decision.
Addressing the forfeiture, Achimugu declined to provide detailed comments, citing ongoing litigation. However, she rejected claims that the funds were found in her possession, stating that only $50,000 and ₦13 million belonging to her mother were recovered during a raid on her residence.
She also defended her company’s acquisition of an oil block, describing the process as competitive and transparent.
On her ties to political figures, Achimugu maintained that her access to influential individuals is a result of her success, not the source of it. She emphasized that building relationships with key stakeholders is part of growing her business portfolio and not linked to any single individual, including the Lagos governor.
