Business
Aisha Achimugu Dismisses Sanwo-Olu Link To Her Success
Aisha Achimugu self-made businesswoman wealth defended as she denies Sanwo-Olu link and explains her business background amid EFCC case
Nigerian businesswoman Aisha Achimugu, founder of Oceangate Engineering Oil & Gas Ltd, has described herself as a self-made entrepreneur, strongly denying claims that her wealth is connected to Lagos State Governor Babajide Sanwo-Olu.
Also read: EFCC presents socialite Aisha Achimugu in court following arrest
Aisha Achimugu said her business journey began in 2001 and insisted that her success was built independently through legitimate commercial activities.
The remarks come amid heightened public scrutiny following a series of controversies surrounding her finances and business dealings, including a widely publicised 50th birthday celebration held in Grenada in January 2024, which was attended by prominent Nigerian figures, including Governor Sanwo-Olu.
Over a year later, the Economic and Financial Crimes Commission (EFCC) declared her wanted over allegations of money laundering.
She was later arrested at the Nnamdi Azikiwe International Airport, Abuja, in April 2025.
In March 2026, a Federal High Court in Abuja ordered the final forfeiture of $13 million allegedly linked to Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, after ruling that the funds were proceeds of fraud.
Her firm has since indicated plans to appeal the judgment.
Addressing the allegations, Achimugu rejected claims that the forfeited sum was recovered from her residence, insisting that only personal and family-related funds were found during a search.
“My house was raided. Only $50,000 and N13 million belonging to my mom was found in my house and my personal belongings,” she said.
She added: “I don’t know where Nigeria got the impression that I have $13 million in my house. I’m not a bank. I won’t keep $13 million in my house.”
On her business operations, Achimugu stated that her company acquired its oil block through what she described as a transparent and competitive bidding process, stressing that ownership rests with Oceangate Engineering Oil & Gas Ltd.
When questioned about her relationship with Governor Sanwo-Olu and his presence at her birthday celebration, she said her access to high-profile individuals is a result of her business success and social standing.
“I have always had access to power and governance. I’m a known Nigerian. I have friends, and I have done well,” she said.
She maintained that the governor’s attendance at her event was purely social, adding that her network includes individuals across different sectors of influence.
Achimugu also dismissed suggestions that her wealth originated from political connections, stating firmly: “Not at all.”
Also read: Champion Extraordinaire: Aisha Achimugu Blazing onward at 52
She further explained that her entrepreneurial journey began in 2001 and referenced her background and early professional exposure in the oil and gas sector as key to her success.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
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