The Economic and Financial Crimes Commission (EFCC) has commenced an investigation into the Lagos State Government led by Babajide Sanwo-Olu over an alleged $13 million linked to socialite and businesswoman, Aisha Achimugu.
Sources familiar with the matter disclosed to Premium Times that the anti-graft agency began examining the state government’s connection to the funds after discovering that part of the money was sourced from contractors executing projects for the Lagos State Government.
A source told investigators that details of the suspicious transactions are contained in court documents, although the identities of the contractors and possible involvement of government officials have not yet been publicly disclosed.
“The facts about the origin of the funds are already public in court documents, but the details of how a large chunk of the money was sourced from some contractors offering services to Lagos State Government, the identities of the contractors and the possible involvement of the governor and other government officials have not been disclosed in order not to jeopardise ongoing investigations,” the source said.
On Wednesday, the Federal High Court in Abuja ordered the permanent forfeiture of the $13 million to the Federal Government, citing its fraudulent origin.
The ruling followed forfeiture proceedings instituted by the EFCC after investigations into Achimugu, her companies and associates.
EFCC Details Alleged Transactions
According to EFCC filings, the funds were raised between March and April 2025 as part-payment for the acquisition of oil blocks by Oceangate Engineering Limited, a company linked to Achimugu.
The firm had successfully bid for two oil blocks in 2024—Deep Offshore Petroleum Prospecting Licence 302 and Shallow Water Petroleum Prospecting Licence 3007.
The Nigerian Upstream Petroleum Regulatory Commission subsequently required the company to pay $37.2 million as signature bonuses to secure the licences.
EFCC investigator Usman Aliyu said Oceangate Engineering had already paid $20 million to the Federal Government between March 20 and April 3, 2025.
According to the anti-graft agency, Providus Bank transferred $7 million to the Federal Government on behalf of the company on March 27 and 28, 2025.
The remaining $13 million was transferred from the company’s Zenith Bank account in seven instalments: $1.1 million, $1.1 million, $3.8 million, $1.2 million, $3.05 million, $2.1 million, and $500,000.
Investigators alleged that part of the money was sourced from funds originally paid by the Lagos State Government to contractors executing projects in the state.
The EFCC said the company worked with agents and unlicensed Bureau de Change operators to obtain the $13 million.
One of the agents, identified as Suleiman Muhammed Chiroma, allegedly collected the funds in cash through associates in Abuja and Lagos.
The agency also alleged that another individual, Dantani Abubakar Hassan, used his company, Ashrab Energy and Oil Services Limited, to receive funds from contractors linked to the Lagos State Government.
Investigators said more than N855 million was transferred from contractors executing projects for the Lagos State Government into the company’s account before being converted into dollars.
However, Oceangate Engineering denied any wrongdoing and urged the court to dismiss the forfeiture proceedings.
In an affidavit sworn by one of its directors, Iliya Wakil, the company denied conspiring with unlicensed foreign exchange operators or bank officials.
The firm insisted that Chiroma was a licensed Bureau de Change operator legally engaged to source the foreign currency required for the payment of the oil block signature bonuses.
Delivering judgment, Justice Emeka Nwite ruled that the explanations provided by the company were not convincing.
The judge held that the company failed to demonstrate that the funds used to pay the signature bonuses were derived from legitimate business activities.