Lagos State Governor, Babajide Sanwo-Olu, is reportedly under investigation by the Economic and Financial Crimes Commission (EFCC) over $13 million linked to businesswoman Aisha Achimugu.
The probe follows a ruling by the Federal High Court in Abuja ordering the permanent forfeiture of the funds to the Nigerian government, citing their suspected illicit origin.
According to investigators, part of the money was traced to contractors executing projects for the Lagos State Government. Authorities are examining how these funds were allegedly diverted and funneled into accounts linked to Achimugu’s company, Oceangate Engineering Limited, which had secured oil block licences.
The EFCC stated that the $13 million formed part of payments made towards acquiring two oil blocks—Deep Offshore PPL 302 and Shallow Water PPL 3007—under the supervision of the Nigerian Upstream Petroleum Regulatory Commission. The total required payment for the licences was $37.2 million, of which $20 million had been paid in instalments between March and April 2025.
Investigators allege that funds were sourced through intermediaries, including bureau de change operators and company agents, some of whom reportedly collected large cash sums from Lagos-based contractors. A portion of over ₦2.4 billion was allegedly converted to dollars and transferred to Oceangate’s accounts for the oil block payments.
Authorities say there was no legitimate business relationship between the contractors and Oceangate, raising suspicions about the transactions.
However, Oceangate has denied any wrongdoing, insisting all funds were legally obtained. The company also denied knowing some of the individuals named in the investigation and maintained that any currency exchange arrangements were conducted through legitimate channels.
It remains unclear whether Governor Sanwo-Olu had direct knowledge of or involvement in the transactions. Officials say the investigation is ongoing, and further details are being withheld to avoid compromising the process.
The case adds to previous scrutiny surrounding Achimugu, who has faced multiple investigations over alleged financial misconduct in recent years.