The Economic and Financial Crimes Commission has launched an investigation into Babajide Sanwo-Olu following the tracing of part of a controversial $13 million to contractors linked to the Lagos State Government.
Findings revealed that investigators are scrutinising financial transactions involving associates of socialite and businesswoman Aisha Achimugu, whose firm was at the centre of the funds forfeited to the Federal Government.
The development comes as the Federal High Court in Abuja, on Wednesday, ordered the final forfeiture of the $13 million after ruling that the funds were proceeds of unlawful activities.
Funds traced to Lagos contractors
Sources familiar with the probe said the anti-graft agency began examining the Lagos State Government’s possible connection after uncovering that a significant portion of the funds originated from contractors handling state projects.
According to investigators, the contractors allegedly transferred large sums to Achimugu’s company without any known business relationship, raising suspicion of illicit financial flows.
A source, who spoke on condition of anonymity due to the sensitivity of the investigation, said the identities of the contractors and the extent of involvement of government officials were being withheld to avoid jeopardising ongoing inquiries.
It, however, remains unclear whether Governor Sanwo-Olu had direct knowledge of, or involvement in, the transactions.
Court documents filed by the EFCC showed that the funds formed part of payments made by Oceangate Engineering Limited, one of Achimugu’s firms, towards the acquisition of two oil blocks.
The blocks—Deep Offshore PPL 302 and Shallow Water PPL 3007—were awarded to the company in 2024 by the Nigerian Upstream Petroleum Regulatory Commission.
The commission required a total payment of $37.2 million as signature bonus for the licences.
EFCC investigator, Usman Aliyu, disclosed in an affidavit that Oceangate had paid $20 million in instalments between March 20 and April 3, 2025, including the disputed $13 million.
The agency alleged that the $13 million was sourced through unlicensed Bureau de Change operators and intermediaries, who collected cash from multiple sources, including Lagos-based contractors.
Further details indicated that over N855 million traced to contractors executing projects for the Lagos State Government was funnelled through accounts linked to third parties and later converted to dollars.
The funds, alongside other inflows totalling about N2.4 billion, were reportedly channelled into Oceangate’s account and used for the oil block payments.
Investigators maintained that the transactions bore the hallmarks of money laundering, noting that there was no contractual relationship between the contractors and Achimugu’s firm.
Oceangate Engineering, however, denied all allegations of fraud and illicit dealings.
In a counter-affidavit, a director of the company, Iliya Wakil, insisted that the firm lawfully sourced foreign exchange through a licensed Bureau de Change operator to meet payment obligations.
He also denied any knowledge of some individuals and companies named in the EFCC filings, distancing the firm from alleged intermediaries.
In his ruling, Justice Emeka Nwite held that the explanations provided by the company were unconvincing.
The judge ruled that the funds were reasonably suspected to be proceeds of unlawful activity and consequently ordered their permanent forfeiture to the Federal Government.
The investigation has also revived scrutiny of the relationship between Governor Sanwo-Olu and Achimugu.
Reports had previously highlighted the governor’s attendance at a high-profile birthday celebration hosted by the businesswoman in Grenada in 2024, a trip he said was aimed at promoting Lagos’ economic interests.
In 2024, the Lagos State Government had denied reports suggesting that the EFCC was investigating the governor, insisting that no such probe existed at the time.
Officials also refuted claims that Sanwo-Olu filed a suit to prevent arrest or harassment by the anti-graft agency.
However, the current investigation marks the first time the governor is being directly linked to financial transactions under EFCC scrutiny.
Achimugu’s legal troubles
Achimugu has faced multiple investigations in recent years, including being declared wanted by the EFCC in 2025 over alleged involvement in money laundering and a Ponzi scheme.
Although she has not been convicted of any offence, authorities say investigations into her financial activities are ongoing.
Efforts to obtain official reactions from the Lagos State Government on the latest development were unsuccessful as of press time, as calls and messages to key officials were not returned.
‘
‘Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
Leave a comment