The Economic and Financial Crimes Commission (EFCC) has officially opened an investigation into the Lagos State Government, specifically examining potential ties between Governor Babajide Sanwo-Olu and an alleged $13 million financial scandal.
This anti-graft agency probe centers on Aisha Achimugu, a prominent businesswoman whose company, Oceangate Engineering Limited, reportedly used suspicious funds to pay for oil block signature bonuses.
Investigators believe a significant portion of this money was diverted from state contractors who were originally paid to execute public projects in Lagos.
According to court documents filed in Abuja, the EFCC tracked several suspicious transactions occurring between March and April 2025.
The agency alleges that while Oceangate Engineering was attempting to secure lucrative petroleum prospecting licences, they relied on a network of unlicensed Bureau de Change (BDC) operators to wash the funds.
A key part of the investigation reveals that over N855 million was moved from Lagos State projects into private accounts before being converted into dollars.
Due to the fraudulent origin of these assets, a Federal High Court has already ordered the permanent forfeiture of the $13 million to the Nigerian government, as the defense failed to prove the money came from legitimate business activities.
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