Founder of Oceangate Engineering Oil & Gas Ltd, Aisha Achimugu, has dismissed claims that her wealth is tied to Lagos State Governor, Babajide Sanwo-Olu, insisting she built her business empire independently over two decades.
Achimugu made the clarification during an interview on Channels Television on Monday, as controversy continues to trail her finances and legal tussle with the Economic and Financial Crimes Commission.
Refuting suggestions that her fortune was linked to political connections, she said: “Not at all.”
The businesswoman maintained that her entrepreneurial journey began in 2001, long before her association with high-profile political figures.
“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.
Achimugu first drew national attention in January 2024 following a lavish seven-day celebration of her 50th birthday in Grenada, which attracted prominent figures from Nigeria’s political and entertainment circles, including Sanwo-Olu, and triggered speculation about the source of her wealth.
However, she argued that her access to influential figures is a result of her success, not the foundation of it.
“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.”
The controversy surrounding her finances intensified after the EFCC declared her wanted over alleged money laundering before arresting her at Nnamdi Azikiwe International Airport, Abuja, on April 29, 2025.
In March 2026, the Federal High Court in Abuja ordered the final forfeiture of $13 million linked to her firm, with Justice Emeka Nwite ruling that the anti-graft agency had established the funds as proceeds of fraud. Her company has since filed an appeal against the decision.
Addressing the forfeiture, Achimugu declined detailed comments due to the ongoing legal process but rejected claims that such funds were 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 her company’s oil block, she stated that it was secured through a “competitive and transparent” bidding process.
