The Lagos State Government, led by Governor Babajide Sanwo-Olu, is now under EFCC scrutiny over a suspicious $13 million linked to Abuja socialite Aisha Achimugu.
Premium Times reported on 26 March 2026 that investigators unearthed evidence showing part of those funds was “sourced from contractors working for or providing services to the Lagos State Government”.
This revelation emerged as the Federal High Court in Abuja permanently forfeited the $13m to the Nigerian government, finding it of fraudulent origin.
The court agreed with EFCC lawyers that neither Achimugu nor her firm, Oceangate Engineering Oil & Gas Ltd, proved the money was legitimately earned, and noted the funds were “proceeds of fraud and unlawful activities”.
The EFCC’s case hinges on how the funds were assembled. According to anti-graft filings, Achimugu’s company won oil-block bids (Deep Offshore PPL302 and Shallow Water PPL3007). The company was told to pay $37.2m in signature bonuses. By April 2025, it had paid $20m. This amount includes $7m via Providus Bank on 27–28 March 2025. It also includes $13m via its Zenith account in instalments.
Crucially, investigators say much of the $13m did not come from oil revenues but from government project payments. EFCC officer Usman Aliyu told the court that “part of the funds used by Oceangate… was derived from the huge sum of money transferred by the Lagos State Government to the contractors” for state projects.
He emphasised that there were “never any contractual or business relationships between Oceangate and the contractors who transferred the aforementioned public funds.” He noted the contractors were not investors or officers of the firm.
In all, over ₦2.45 billion paid to Lagos State contractors was traced into the accounts of an intermediary company. This company is Ashrab Energy. The funds were then converted to dollars for the oil-block payments.
Investigators describe the scheme bluntly. In court affidavits Aliyu portrayed Oceangate as “a briefcase/shell company…created…to holding petroleum-related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”
He scoffed at its image, saying that calling Oceangate a “professional oil and gas consortium” was “nothing but describing the devil as an angel of light”.
EFCC agents flagged unlicensed bureau de change agents in the transactions. Officers allege that agent Suleiman Chiroma and his associates were enlisted to handle cash payouts of the $13m. This group includes named partners at Tripple A & Tee Oil and Ashrab Energy.
In sum, the commission insists the $13m is not from any lawful business of Oceangate. Instead, it comes from diverted state project funds.
In their defence, Achimugu’s lawyers reject any illegality. In court filings, Oceangate’s director Iliya Wakil stated that the $13m was partly “derived from legitimate earnings of the company and partly from gifts” to Achimugu, and denied conspiring with “unregistered BDC operators”.
He insisted that Suleiman Chiroma – singled out by the EFCC – is actually a “licensed BDC agent engaged lawfully by the company” to source foreign currency, and that Chiroma “acted fully independently” of Oceangate.
Wakil further stated that the company never met or dealt with any of the other persons. These persons include Dantani Hassan or Tirmizi Usman cited by the EFCC.
Oceangate sought to overturn the interim forfeiture on grounds of jurisdiction. They also aimed for a fair hearing. However, the court ultimately found these arguments unpersuasive.
Despite the explosive nature of the findings, Lagos State officials have so far remained publicly silent. Premium Times noted that requests for comment from Lagos Attorney General Lawal Pedro and Information Commissioner Gbenga Omotoso were unanswered.
This is consistent with the state’s earlier posture. Last year, a leaked suit claimed Sanwo-Olu had tried to pre-empt an EFCC probe. The government disowned that suit. They said the governor never authorised it. “Neither the governor nor his aides are under investigation by the EFCC,” they stated.
Attorney-General Pedro has repeatedly dismissed any suggestion of an EFCC inquiry into the governor’s office as baseless. In light of the new court disclosures, however, those denials may be retested.
Ms. Achimugu’s connections have attracted scrutiny. Premium Times reported that several Nigerian personalities and public office holders attended her January 2024 birthday carnival in Grenada. Lagos State Governor Babajide Sanwo-Olu was among the attendees.
In March 2025 the EFCC formally declared Achimugu wanted, alleging she was involved in money-laundering and a failed Ponzi scheme.
She challenged the EFCC in court. An Abuja judge ordered her to submit to questioning. She was briefly detained upon her return from London in April 2025 and then released. To date, no criminal charges have been filed against her.
Next Steps and Implications: The developments raise questions at the nexus of politics, finance and anti-corruption. Currently, the forfeiture order remains in effect. The $13m is now federal property because it is “reasonably suspected to be proceed of unlawful activity”.
The EFCC will likely continue tracing any further links. It remains unclear whether evidence will emerge tying Governor Sanwo-Olu or other officials directly to the scheme. Lagos observers will watch closely as the investigation unfolds.
State authorities have denied any wrongdoing or EFCC harassment. Nonetheless, officials may soon be asked to explain. They need to clarify how contractors paid hundreds of millions in naira that ended up in a private account.
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