By By Elizabeth Ugbo
Aisha Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, on Monday denied in Nigeria that her wealth is linked to Lagos State governor Babajide Sanwo-Olu, explaining during a Channels Television interview that she built her fortune through business since 2001 to address ongoing money laundering allegations and public scrutiny.
Achimugu Rejects Political Influence Claims
Achimugu insisted that her success did not come from political connections. Instead, she said her business journey started in 2001.
“I’m an entrepreneur and business owner,” she said. “I focus on people who can grow my portfolio.”
However, she clarified that Sanwo-Olu only attended her birthday as a guest already present at the venue. Therefore, she dismissed claims of a special relationship.
Clarifies Money Found During Raid
Achimugu also addressed claims that authorities found $13 million in her home. She described the report as false.
“I’m not a bank,” she said. “I won’t keep $13 million in my house.”
She explained that officials found only $50,000 and N13 million. She added that part of the money belonged to her mother.
Oil Block Award Was Transparent
Furthermore, Achimugu defended how her company secured its oil block. She said the process followed due procedures.
She described the award as “competitive and transparent.” As a result, she rejected suggestions of favoritism.
EFCC Case and Court Ruling
The Economic and Financial Crimes Commission (EFCC) declared Achimugu wanted over money laundering allegations. Authorities later arrested her at Nnamdi Azikiwe International Airport, Abuja, on April 29, 2025.
In March 2026, a federal high court in Abuja ordered the final forfeiture of $13 million linked to her firm. Justice Emeka Nwite ruled that the funds were proceeds of fraud.
However, Achimugu’s company has filed an appeal against the judgment. Due to the ongoing case, she declined to provide further details.
Background and Rise to Fame
Achimugu gained national attention in January 2024 when she hosted a seven-day 50th birthday celebration in Grenada.
The event attracted top figures from Nigeria’s entertainment and political circles. Consequently, public scrutiny over her wealth increased.
Achimugu Maintains Innocence
Despite the allegations, Achimugu maintained that her wealth is legitimate. She also highlighted her long business experience.
“I have always had access to power,” she said. “However, my success brought those connections, not the other way around.”
She added that her late husband served as managing director of PPMC. She noted that she met him while working with NNPC.
Conclusion
Achimugu continues to deny all allegations linking her wealth to political figures. Meanwhile, her legal battle with the EFCC remains ongoing, and the outcome of her appeal may shape public perception.
