ABUJA: Nigerian businesswoman and founder of Oceangate Engineering Oil & Gas Ltd, Aisha Achimugu, has strongly dismissed claims that her wealth is tied to her association with Babajide Sanwo-Olu, insisting she built her fortune independently through years of entrepreneurship.
Speaking during an interview on Channels Television, Achimugu said she has been actively engaged in business since 2001, long before her name became associated with high-profile political figures.
I started my business in 2001. I come from a decent background. My late husband was the Managing Director of PPMC. I met him in the course of work, actually while doing business within NNPC, she explained.
Responding directly to suggestions that her wealth may have come from political patronage, she was unequivocal: Not at all.
Achimugu came into the national spotlight in January 2024 following a lavish week-long celebration of her 50th birthday on the Caribbean island of Grenada. The event drew a mix of Nigeria’s political elite and entertainment figures, including Governor Sanwo-Olu, fueling widespread speculation about the source of her wealth.
The scrutiny intensified when the Economic and Financial Crimes Commission declared her wanted in 2025 over allegations linked to money laundering. She was subsequently arrested at the Nnamdi Azikiwe International Airport in Abuja.
In March 2026, a Federal High Court in Abuja issued a final forfeiture order of $13 million allegedly connected to her firm. The presiding judge, Emeka Nwite, ruled that the anti-graft agency had sufficiently demonstrated that the funds were proceeds of unlawful activity.
However, Achimugu’s company has challenged the ruling and is currently pursuing an appeal.
Addressing reports surrounding the forfeited funds, Achimugu declined to go into full detail due to the ongoing legal process but rejected claims that such money was found in her personal possession.
My house was raided. Only $50,000 and N13 million belonging to my mother were found,” she said.
I don’t know where the narrative came from that I had $13 million in my house. I’m not a bank. I wouldn’t keep such an amount in my home.
On questions about her company’s oil block, Achimugu maintained that Oceangate secured the asset through a legitimate and transparent bidding process.
She also addressed her access to influential figures, arguing that her network is a result of her business success rather than the foundation of it.
I have always had access to power and governance. I am a known Nigerian. I have relationships, and I have done well for myself,” she said.
For me, knowing people who can grow my portfolio is important. It is not about Governor Sanwo-Olu.
According to her, the Lagos governor’s attendance at her birthday celebration was incidental, as he was already present at the venue for other engagements.
With the case still before the courts, Achimugu’s legal team is seeking to overturn the forfeiture order, setting the stage for what could become one of the more closely watched financial crime cases involving a high-profile Nigerian entrepreneur.
Despite the controversy, Achimugu maintains that her record as a businesswoman speaks for itself and that her wealth is the product of over two decades of enterprise, not political connections.
