Lagos-based socialite and Group Chief Executive Officer of Oceangate Engineering Oil & Gas Ltd, Aisha Achimugu, has dismissed reports alleging that $13 million was discovered in her residence, describing the claim as false and misleading.
She made the clarification on Monday during an appearance on Channels Television’s Politics Today, where she responded to allegations linked to a raid carried out at her home by the Economic and Financial Crimes Commission (EFCC).
Addressing the widely circulated reports, Achimugu maintained that no such amount was recovered from her house.
“Let me also correct an impression that 13 million dollars was not found in my house when my house was raided. And let me also correct that what is published on the website of EFCC is a certain state. I want to believe that it is not Lagos state because the state was not clear.
“So, it’s what is out there. So I won’t also entertain that it’s a Lagos state because that hasn’t been thrown at me. My house was raided, yes, but only $50,000 and 13 million naira belonging to my mom was found in my house and then again, my personal belongings. I don’t know where Nigerians got the impression that I had 13 million dollars in my house. I’m not a bank, so I won’t keep 13 million dollars in my house,” she stated.
She declined to go into further details, citing ongoing legal proceedings.
Explaining why she had foreign currency at home, Achimugu said it was for practical purposes, noting that her children live abroad.
“It is important to have some foreign currency available for emergencies,” she said.
On the source of her wealth, she insisted her earnings were derived from legitimate business activities. She explained that her company took part in oil block bidding rounds between 2022 and 2024 and secured success through what she described as a transparent process, dismissing suggestions of political influence.
Achimugu also addressed criticism surrounding her widely publicised seven-day birthday celebration held in Grenada in 2024, which attracted prominent figures, including Lagos State Governor Babajide Sanwo-Olu. She said the event had been planned for a decade and was not funded with any money under investigation, adding that the governor’s presence should not be interpreted as evidence of favouritism.
Responding to questions about her delayed appearance following an EFCC invitation, she explained that she was outside the country at the time and that her lawyer had duly informed the authorities. She added that her brief return to Nigeria before travelling again may have been “misinterpreted as an attempt to evade investigation.”
The businesswoman further denied any role in campaign financing allegations, describing the sequence of events — including fund transfers, her being declared wanted, and the raid on her home — “as coincidental.”
Despite the controversy, Achimugu said she “has no regrets” and insisted she operates within the bounds of the law.
In March, however, a Federal High Court in Abuja, presided over by Emeka Nwite, ordered the final forfeiture of $13 million linked to Achimugu and her company to the Federal Government.
The court ruled that the EFCC had proven the funds were proceeds of unlawful activities, rejecting claims that they were sourced from legitimate business transactions or gifts due to lack of evidence. The anti-graft agency had alleged that the money moved through suspicious channels and was tied to payments for oil block licences, an allegation Achimugu and her firm continue to deny.