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.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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