Nigerian businesswoman Aisha Achimugu has rejected claims linking her wealth to Babajide Sanwo-Olu, insisting that her financial success is independent of any political relationship.
Speaking during an interview on Channels Television, Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, said her business journey began in 2001.
She previously drew public attention in January 2024 after hosting an elaborate week-long 50th birthday celebration in Grenada, attended by notable figures in Nigeria’s political and entertainment circles, including the Lagos State governor.
Her name later surfaced in a legal controversy when the Economic and Financial Crimes Commission (EFCC) declared her wanted over alleged money laundering. She was subsequently arrested on April 29, 2025, at Nnamdi Azikiwe International Airport.
In March 2026, a Federal High Court in Abuja ordered the final forfeiture of $13 million linked to Achimugu and her company, with Justice Emeka Nwite ruling that the funds were proceeds of unlawful activity. Her company has since initiated an appeal against the decision.
Addressing speculation about the funds, Achimugu declined detailed comments due to ongoing legal proceedings. However, she firmly denied reports that the $13 million was found in her residence.
“My house was searched, and only $50,000 and ₦13 million belonging to my mother were recovered,” she stated. “I don’t know where the claim came from that I kept $13 million at home. I’m not a bank.”
On her source of wealth, Achimugu explained that the oil block in question is owned by her company, which she said acquired it through a transparent and competitive bidding process.
Responding to questions about her relationship with Sanwo-Olu, she said her association with influential figures is a result of her business success and social standing.
“I’ve always had access to people in power. I’ve built relationships over time through my work. It’s not about the governor,” she said, adding that her career dates back to 2001.
Achimugu also noted that she comes from a respectable background and was previously married to a former Managing Director of PPMC, whom she met during her early business dealings within the Nigerian National Petroleum Corporation (NNPC).