The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the Lagos State Government under Governor Babajide Sanwo-Olu over an alleged $13 million connected to businesswoman Aisha Achimugu.....KINDLY READ THE FULL STORY HERE▶

Sources familiar with the case revealed that the probe began after investigators traced part of the funds to contractors handling projects for the Lagos State Government. Details of the transactions are reportedly contained in court documents, although the identities of the contractors and any possible involvement of government officials have not been made public.

A source noted that some information is being withheld to avoid compromising ongoing investigations.

Meanwhile, the Federal High Court in Abuja on Wednesday ordered the permanent forfeiture of the $13 million to the Federal Government, citing its unlawful origin. The ruling followed proceedings initiated by the EFCC after investigating Achimugu, her companies, and associates.

Details Of The Transactions

According to EFCC filings, the funds were raised between March and April 2025 as part payment for oil block acquisitions by Oceangate Engineering Limited, a company linked to Achimugu. The firm had earlier secured two oil blocks in 2024 and was required to pay $37.2 million as signature bonuses.

Investigations showed that $20 million had already been paid to the Federal Government within that period, while the remaining $13 million was transferred in multiple instalments from the company’s Zenith Bank account.

The EFCC alleged that part of the funds originated from payments made by the Lagos State Government to contractors, which were later funneled through intermediaries and unlicensed Bureau de Change operators before being converted into dollars.

One agent, identified as Suleiman Muhammed Chiroma, was said to have received the funds in cash through associates in Abuja and Lagos. Another individual, Dantani Abubakar Hassan, allegedly used his company, Ashrab Energy and Oil Services Limited, to receive over N855 million from contractors linked to Lagos State projects before the money was converted to foreign currency.

However, Oceangate Engineering denied any wrongdoing, insisting that all transactions were legitimate. In a sworn affidavit, one of its directors, Iliya Wakil, stated that Chiroma is a licensed Bureau de Change operator engaged to source foreign exchange for the oil block payments.

Delivering judgment, Justice Emeka Nwite ruled that the company failed to convincingly prove that the funds were derived from lawful business activities, leading to the forfeiture order.