The Economic and Financial Crimes Commission (EFCC) has opened an investigation into the Lagos State Government under Babajide Sanwo-Olu over $13 million tied to businesswoman Aisha Achimugu.
Sources told Premium Times that the probe began after findings revealed that part of the funds originated from contractors handling Lagos State Government projects. While court documents contain details of the transactions, the identities of the contractors and the involvement of any government officials have not been 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 judgment was delivered by Justice Emeka Nwite following an EFCC suit investigating Achimugu, her company, and associates.
Court filings show that the money was raised 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 said Oceangate paid $20 million between 20 March and 3 April 2025, with $7 million processed through Providus Bank and $13 million transferred in seven instalments via the company’s Zenith Bank account. The commission also stated that part of the funds came from Lagos State Government payments to contractors, noting that over N855 million was traced to a company connected to one of the agents before being converted into dollars.
