By Daniel Oluwatobiloba Popoola
The Founder of Oceangate Engineering Oil & Gas Ltd, Aisha Achimugu, has denied claims that her wealth was tied to Lagos State Governor Babajide Sanwo-Olu, insisting that she built her fortune through entrepreneurship long before their paths crossed.
Speaking during an interview on Channels Television on Monday, 27 April, 2026 Achimugu addressed growing public scrutiny over her finances, her association with political figures and her ongoing legal battle with the Economic and Financial Crimes Commission.
She maintained that her business journey began in 2001 saying her success was rooted in years of enterprise and industry experience.
“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.
When asked directly whether her wealth came from Sanwo-Olu or any of her influential associates, Achimugu dismissed the suggestion outright.
“Not at all,” she replied.
The businesswoman drew national attention in January 2024 after staging a seven-day celebration for her 50th birthday on the Caribbean island of Grenada.
The event attracted several prominent figures from Nigeria’s entertainment and political circles, including Governor Sanwo-Olu, and triggered widespread speculation over the source of her wealth.
However, controversy deepened more than a year later when the EFCC declared her wanted over alleged money laundering offences before arresting her at the Nnamdi Azikiwe International Airport, Abuja, on April 29, 2025.
Subsequently, in March 2026, a Federal High Court in Abuja granted a final forfeiture order of $13 million said to be linked to her company. Presiding judge Emeka Nwite ruled that the anti-graft agency had established that the funds were proceeds of fraud. Achimugu’s company has since appealed the decision.
Reacting to the forfeiture case, Achimugu declined to comment extensively because of the pending appeal, but rejected reports suggesting that the money was discovered in her home.
“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.
She added: “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 the oil block operated by Oceangate Engineering Oil & Gas Ltd, Achimugu said the asset was secured through a transparent and competitive bidding process, dismissing insinuations of political favouritism.
She argued that her access to top political figures was a result of her status as a successful businesswoman rather than the source of her prosperity.
“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.”
She further explained that the Lagos Governor was merely one of many guests present at the venue of her birthday celebration.
