EFCC Probes Lagos Governor Over 13m USD Linked to Aisha Achimugu
The Economic and Financial Crimes Commission (EFCC) is reportedly investigating the Lagos State Governor, Babajide Sanwo-Olu, over an alleged 13 million USD linked to socialite and businesswoman Aisha Achimugu.
This development followed a ruling by the Federal High Court of Nigeria in Abuja, which on Wednesday ordered the permanent forfeiture of the 13 million USD to the Nigerian government, citing that the funds were suspected to be proceeds of unlawful activities.
According to sources familiar with the investigation, the EFCC began examining the connection between the Lagos State Government and the funds after discovering that part of the money allegedly originated from contractors working with the Lagos State Government.
How the Case Started
Investigations revealed that the money was linked to Oceangate Engineering Limited, a company reportedly connected to Achimugu. The firm had earlier won bids for two oil blocks in 2024 and was required to pay 37.2 million USD to the federal government to secure the licenses.
The EFCC stated that the company made a 20 million USD part payment between March and April 2025. However, investigators later traced 13 million USD of the funds to suspicious financial transactions, including money allegedly sourced from Lagos State contractors.
Alleged Money Transfers
Court documents revealed that large sums of money were allegedly collected in cash through several intermediaries and converted into US dollars before being transferred to Oceangate’s bank account to complete payments for the oil block licenses.
Investigators said that over N855 million reportedly came from contractors executing projects for the Lagos State Government, raising concerns about the origin of the funds and whether public resources were indirectly involved.
Company Denies Wrongdoing
Despite the allegations, Oceangate Engineering Limited denied any wrongdoing. The company insisted that all funds used in the transactions were legitimate business funds, and that the individuals mentioned in the investigation acted independently without the company’s direct involvement.
However, the court ruled that the explanations provided by the company were not convincing enough, leading to the forfeiture of the 13 million USD.
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Relationship Between Sanwo-Olu and Achimugu
Reports have also highlighted a close relationship between Governor Sanwo-Olu and Achimugu. In 2024, it was reported that the governor traveled to Grenada in the Caribbean to attend Achimugu’s 50th birthday celebration.
The governor later stated that his trip was related to promoting Lagos State’s economic interests rather than attending a private celebration.
Investigation Ongoing
It remains unclear whether Governor Sanwo-Olu had any direct involvement in the alleged financial dealings. However, EFCC officials say the investigation is still ongoing to determine how the funds were sourced and whether any public officials played a role in the transactions.
Authorities have yet to make a final determination on the matter as investigations continue.
