Aisha Achimugu denies wealth-tied-to-Sanwo-Olu claims, says business started long before governor friendship

Businesswoman Aisha Achimugu has rejected allegations that her wealth is linked to her association with Lagos State Governor Babajide Sanwo-Olu, stating that her entrepreneurial journey began in 2001—years before her high-profile friendship with the governor drew public attention.

In an interview with Channels Television on Monday, the founder of Oceangate Engineering Oil & Gas Ltd said her business success predated any political connections.

“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—doing business in NNPC,” she said.

Sanwo-Olu’s attendance at her seven-day 50th birthday celebration in Grenada in January 2024 sparked widespread attention and later fueled speculation about the nature of their relationship.

Achimugu dismissed the insinuation. “If they are on a shore where I’m doing something, they pump in and celebrate with me,” she said. “It is not about Governor Sanwo-Olu at all.”

She also addressed the court-ordered forfeiture of $13 million allegedly tied to her firm but declined to discuss specifics due to ongoing legal proceedings. She firmly pushed back against the suggestion that the funds were found in her possession.

“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,” she said, adding that only $50,000 and N13 million—both belonging to her mother—were found during a raid on her residence.

A federal high court in Abuja granted the final forfeiture order in March 2026, with the presiding judge ruling that the EFCC had proven the funds were proceeds of fraud. Oceangate has since filed an appeal against the ruling.

The EFCC had declared Achimugu wanted over money laundering allegations before arresting her at Nnamdi Azikiwe International Airport in Abuja on 29th April 2025.

She maintained that her oil block was acquired through a “competitive and transparent” bidding process and that her access to powerful figures stems from her business standing, not political patronage.

“I have always had access to power and governance. I’m a known Nigerian. I have friends, and I have done well,” she said.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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