By Momodu Favour

The Economic and Financial Crimes Commission (EFCC) has reportedly launched an investigation into Babajide Sanwo-Olu over an alleged $13 million linked to Lagos State contractors and traced to businesswoman Aisha Achimugu.

Sources familiar with the development told PREMIUM TIMES that the probe followed discoveries that part of the funds forfeited to the Federal Government originated from contractors executing projects for the Lagos State Government.

The controversy stems from a ruling by the Federal High Court in Abuja, where Justice Emeka Nwite ordered the permanent forfeiture of the $13 million, citing its suspected illicit origin.

According to court filings by the EFCC, the funds were linked to payments made by Achimugu’s firm, Oceangate Engineering Limited, for the acquisition of two oil blocks—PPL 302 and PPL 3007—awarded in 2024 by the Nigerian Upstream Petroleum Regulatory Commission.

Investigators revealed that the company made a $20 million part-payment toward the $37.2 million required for the licences. Of that amount, $13 million—now forfeited—was allegedly sourced through a network of intermediaries, including unlicensed Bureau de Change operators and accounts tied to third-party firms.

An EFCC affidavit detailed how over ₦855 million from Lagos State contractors was funneled into accounts linked to Ashrab Energy and Oil Services Limited, later converted to dollars and transferred to Oceangate’s account for the oil block payments.

The anti-graft agency said there was no known contractual relationship between Oceangate and the contractors, raising suspicions that public funds may have been diverted.

While the investigation has drawn attention to the Lagos State Government, it remains unclear whether Governor Sanwo-Olu had direct knowledge of, or involvement in, the transactions.

Sources noted that the governor is being scrutinised primarily due to his position as head of the administration under which the contractors operated.

Efforts to obtain official responses from Lagos State authorities, including Attorney General Lawal Pedro and Information Commissioner Gbenga Omotoso, were unsuccessful as of press time.

Oceangate Engineering has denied any involvement in illegal activities, insisting that all payments were legitimate and made through lawful channels.

A director of the company stated in court filings that the firm engaged a licensed Bureau de Change operator to source foreign currency and denied any connection with individuals and firms named by the EFCC as intermediaries.

However, the court ruled that the explanations provided were insufficient, affirming that the funds were reasonably suspected to be proceeds of unlawful activity.

The case has renewed focus on the relationship between Governor Sanwo-Olu and Achimugu, which previously drew public scrutiny following reports of the governor’s attendance at her high-profile 50th birthday celebration in Grenada in 2024.

Although the governor stated the trip was for official engagements, questions have persisted about the nature of their association.

Meanwhile, Achimugu has faced multiple investigations in recent years. In March 2025, the EFCC declared her wanted over alleged involvement in financial crimes linked to MBA Trading and Capital Limited. She was later arrested in Abuja and released, with investigations still ongoing.

The EFCC has yet to disclose the identities of the Lagos contractors involved or provide details on the full scope of the alleged scheme, citing the need to protect ongoing investigations.

Analysts say the outcome of the probe could have significant political and legal implications, particularly if evidence emerges linking senior government officials directly to the transactions.

For now, the case underscores renewed scrutiny of public funds management and contractor relationships within one of Nigeria’s most economically significant states.