The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the Lagos State Government, led by Babajide Sanwo-Olu, over $13 million connected to businesswoman Aisha Achimugu
According to sources cited by Premium Times, the probe began after findings indicated that part of the funds originated from contractors engaged on Lagos State Government projects. Court documents reportedly contain details of the transactions, but the identities of the contractors and any involvement of government officials have not been publicly disclosed.
On Wednesday, a Federal High Court in Abuja ordered the final forfeiture of the $13 million to the Federal Government, ruling that the funds were proceeds of unlawful activity. The court, presided over by Justice Emeka Nwite, issued the judgment following an EFCC suit arising from investigations into Achimugu, her company, and her associates.
Court filings indicate that the funds were collected between March and April 2025 as part payments for the acquisition of oil blocks by Oceangate Engineering Limited, a company linked to Achimugu. The company had secured two oil blocks and was required to pay $37.2 million to the Federal Government as signature bonuses.
EFCC investigator Usman Aliyu stated that Oceangate paid $20 million between 20 March and 3 April 2025, with $7 million processed through Providus Bank and the remaining $13 million paid in seven instalments via the company’s Zenith Bank account. The commission said a portion of the money was traced to Lagos State Government contractors, noting that over N855 million flowed into a company linked to one of the agents before being converted into U.S. dollars.
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