The Lagos State Government, under the leadership of Governor Babajide Sanwo- Olu, is reportedly facing scrutiny from the Economic and Financial Crimes Commission (EFCC) concerning illicit funds amounting to $13 million. These funds have been linked to businesswoman Aisha Achimugu. Sources familiar with the matter confirmed to PREMIUM TIMES on Wednesday that the EFCC's investigation into the Lagos State Government's involvement stems from evidence suggesting that part of the money was obtained from contractors engaged by the state government.
"The details regarding the source of these funds are already publicly available in court documents. However, the full extent of how a significant portion of this money was sourced from contractors servicing the Lagos State Government, the identities of these contractors, and the potential involvement of the governor and other state officials, have not been disclosed to avoid compromising the ongoing inquiry," a source who requested anonymity stated.
On Wednesday, the Federal High Court in Abuja mandated the permanent forfeiture of the $13 million to the Nigerian government, citing its illicit origins. Investigations indicate that the EFCC initiated the forfeiture proceedings last year after a comprehensive probe into Ms. Achimugu, her businesses, and associated individuals. Court filings detail how the suspicious $13 million was amassed from various sources, including contractors associated with the Lagos State Government.
According to the EFCC, funds from these sources were gathered between March and April 2025. These funds were reportedly intended as part payment for the acquisition of oil blocks by one of Ms. Achimugu's companies, Oceangate Engineering Limited. The company had successfully bid for two oil blocks – Deep Offshore PPL 302 and Shallow Water PPL 3007 – in 2024.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had informed Oceangate Engineering of its winning bid and the necessary conditions for license issuance. The EFCC stated that the total payment required from the winning bidder for the two oil blocks was $37.2 million to the federal government.
EFCC investigator Usman Aliyu stated in affidavits supporting the forfeiture case that Oceangate Engineering had made a $20 million part-payment by April 2025, when the EFCC intervened. He further detailed that Oceangate Engineering made several payments totaling $20 million to the federal government between March 20 and April 3, 2025. Specifically, Providus Bank Limited transferred $7 million on behalf of Oceangate Engineering Oil and Gas Limited on March 27 and 28, 2025. Additionally, Oceangate Engineering transferred $13 million through its Zenith Bank account in seven installments to the federal government.
These seven installments were: $1.1 million, $1.1 million, $3.8 million, $1.2 million, $3.05 million, $2.1 million, and $500,000. Mr. Aliyu asserted that Oceangate Engineering, established in February 2005, utilized funds suspected to be proceeds of illicit activities to secure the oil blocks from NUPRC.
The investigator also claimed that the company, in collaboration with certain unlicensed Bureau de Change (BDC) operators and bank officials, obtained the $13 million for the government payment. Court documents named some of these agents. The affidavit stated that Suleiman Muhammed Chiroma was engaged by Oceangate Engineering to collect $13 million in cash through associates, bypassing financial institutions in Abuja and Lagos. It also mentioned that Muhammed Chiroma, in conjunction with Oceangate, enlisted Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited to collect $9 million in cash for the acquisition of the oil blocks.
Furthermore, the EFCC alleged that the company involved Mr. Chiroma, Mr. Usman, and Mr. Hassan in receiving suspicious funds from contractors associated with the Lagos State Government. Dantani Abubakar reportedly used his company, Ashrab Energy and Oil Services Limited, to receive and hold illicit funds totaling over N855 million (later converted to dollars) from contractors working for the Lagos State Government. This amount is suspected to be proceeds of unlawful activities.
The affidavit further stated that Ashrab Energy's Zenith Bank and Access Bank accounts received a combined total of N2,455,651,560, which was converted to US dollars and sent to Oceangate's Zenith Bank account. These funds were intended for the signature bonuses of the two oil blocks, PPL 302 and PPL 3007, allocated to Oceangate Engineering.
Mr. Aliyu concluded that the $13 million used by Oceangate for the signature bonuses for PPL 302 and PPL 3007 were not derived from any lawful business but were reasonably suspected proceeds of illegal activities. He emphasized that a portion of these funds originated from transfers made by the Lagos State Government to contractors for state projects.
The investigator noted that there was no documented contractual or business relationship between Oceangate and the contractors who channeled public funds into the company's accounts. However, Oceangate Engineering denied any wrongdoing, asking the court to dismiss the forfeiture case. In a sworn affidavit, Iliya Wakil, a director at the firm, refuted claims of conspiracy with unregistered BDC operators and bank officials.
Oceangate maintained that Suleiman Chiroma was a licensed BDC agent lawfully hired to help source the U.S. dollars required for the signature bonuses, as payment was mandated in dollars. The company official asserted that Mr. Chiroma acted independently. The director also denied any knowledge of Dantani Hassan, Ashrab Energy, Tirmizi Usman, or Tripple A & Tee Oil Nigeria Limited, stating the company had no dealings with them.
Judge Emeka Nwite of the Federal High Court in Abuja ruled on Wednesday that Oceangate's explanations for the suspicious payments were unconvincing and did not satisfy the court that the company had legitimately earned the funds.
PREMIUM TIMES had previously reported on the close association between Governor Sanwo-Olu and Ms. Achimugu over a year before the EFCC's probe into the oil block transactions became public. The newspaper exclusively reported how Mr. Sanwo-Olu reportedly left Nigeria for several days in January 2024 to attend Ms. Achimugu's 50th birthday celebration in Grenada, travelling via private jet to a luxury resort.
His absence raised questions among officials back home. A website detailing the week-long festivities provided information on travel and accommodation for guests. In response to the report, Mr. Sanwo-Olu stated via his official X account that his trip to Grenada was to advance his state's economic interests, without directly confirming or denying attendance at the party.
The first indication of Governor Sanwo-Olu's potential involvement in an EFCC investigation emerged in October 2024, with reports suggesting the Lagos State Governor had filed a lawsuit to preempt any planned arrest or prosecution by the EFCC. The suit reportedly sought a declaration that any threat of arrest or detention was unlawful and unconstitutional. It also aimed to prevent the EFCC from harassing, arresting, or detaining him concerning his governorship. An affidavit filed in support of the suit claimed the governor had briefed his legal team via teleconference about the EFCC's alleged plans to arrest his aides and family over fund diversion allegations.
Adding to the situation, the lawsuit was filed by Darlington Ozurumba, who also represented Oceangate Engineering in the $13 million forfeiture proceedings. Following widespread media coverage, the Lagos State Government, through the Attorney General and Commissioner for Justice, Lawal Pedro, denied that the governor had authorized such a lawsuit. The government statement questioned the logic of the governor filing suit given his constitutional immunity and the remaining term in office.
Mr. Pedro also denied that the EFCC was investigating the Lagos State Governor or had threatened him or his staff. He vouched for Mr. Sanwo-Olu's responsible use of state resources. While acknowledging Mr. Ozurumba's appearance as plaintiff's counsel, the statement indicated that the origin of the reports about the purported suit was under investigation and cautioned media outlets against publishing unsubstantiated reports.
On October 31, 2024, the day after the Lagos State Government disavowed the suit, the EFCC responded, categorically denying any investigation or harassment of the governor or his associates. However, this occurred months before the oil block transactions in question.
Ms. Achimugu's lifestyle has attracted public attention and controversy in recent years. Her lavish birthday party in Grenada and the $13 million forfeiture case are notable examples. In March 2025, the EFCC declared her wanted for alleged involvement in money laundering and a Ponzi scheme, linking her to MBA Trading and Capital Limited. This led Ms. Achimugu to file a lawsuit seeking to prevent her arrest and detention, citing threats to her fundamental rights.
On April 28, 2025, Justice Inyang Ekwo of the Federal High Court, Abuja, ordered her to surrender herself to the EFCC. The following day, she was apprehended by the EFCC at the Nnamdi Azikiwe International Airport in Abuja upon her arrival from London. She has since been released but remains under investigation. Although not yet charged, her name has been associated with suspicious funds in an ongoing criminal trial, and investigations continue.
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