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Aisha Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, has dismissed claims that her wealth is linked to Lagos State Governor Babajide Sanwo-Olu, insisting she built her fortune independently as an entrepreneur since 2001.
Speaking in an interview on Channels Television, Achimugu said her business background predates her public association with political figures and described suggestions that her wealth came from political connections as false.
“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,” she said, adding that her business dealings began in the oil and gas sector long before her public profile grew.
When asked directly if her wealth was linked to Governor Sanwo-Olu or other influential figures, she was categorical: “Not at all.”
Achimugu also addressed scrutiny around her finances following a high-profile 50th birthday celebration in Grenada in 2024, which drew political and entertainment elites and later triggered public debate over her source of wealth.
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Her comments come amid an ongoing legal battle involving the Economic and Financial Crimes Commission (EFCC), which previously declared her wanted over money laundering allegations before her arrest in 2025.
She further pushed back against claims tied to a $13 million forfeiture order issued by a federal high court, saying she was not in possession of such funds and rejecting reports that the money was recovered from her residence.
“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.
“I don’t know where Nigeria got the impression that I have $13 million in my house. I’m not a bank.”
On her company’s oil block allocation, she maintained that it was secured through a competitive bidding process, not political influence, while stressing that her network of high-profile acquaintances reflects business exposure rather than dependence.
