Oil Blocks, Illicit Funds & the Lagos Question: The Case EFCC Must Clarify
By Citizen Bolaji O. Akinyemi
The unfolding case involving businesswoman Aisha Achimugu, Oceangate Engineering Oil and Gas Limited, and the alleged use of $13 million in illicit funds to acquire Nigerian oil blocks has once again placed Nigeria’s extractive sector under a harsh anti-corruption spotlight.
According to sworn affidavits filed by the Economic and Financial Crimes Commission (EFCC), the funds—suspected to be proceeds of unlawful transactions—were allegedly laundered through cash-based channels, unlicensed Bureau de Change operators, and cooperating bank officials before being used to pay signature bonuses for oil licences during the 2024 licensing round.
The facts before the court, as of today, are specific and narrow:
The EFCC’s case is against Oceangate Engineering Oil and Gas Limited and related transaction flows.
The subject funds are tied to oil block acquisitions (PPL 302 and PPL 3007).
The court has granted interim forfeiture, with final determination pending.
What the EFCC has NOT publicly alleged—yet—is any formal involvement of sitting or former governors, including Lagos State officials.
That distinction matters.
THE SANWO-OLU QUESTION: FACTS VS RUMOUR
There have been persistent rumours in public discourse linking Lagos State political power structures to Aisha Achimugu’s business dealings. However, rumour is not evidence, and no EFCC filing currently names or implicates the Governor of Lagos State, Babajide Olusola Sanwo-Olu, in the Achimugu–Oceangate matter.
That said, two legitimate civic questions continue to surface:
1. Were Lagos State contractor funds involved?
The EFCC affidavit states that funds traced to Lagos State contractors were allegedly routed through private company accounts, converted to dollars, and applied to the oil block transactions.
This raises a governance question—not of guilt—but of traceability:
Who were the contractors?
What projects were they paid for?
Were payments inflated, diverted, or lawfully earned?
These are questions only forensic accounting—not speculation—can answer.
2. Why the pre-emptive court action by the Governor?
Public records indicate that Governor Sanwo-Olu previously sought judicial protection regarding post-tenure arrest or prosecution—an application reportedly dismissed by the court.
Again, this does not establish wrongdoing. But it does place the Governor within a zone of heightened public interest, especially in an era where post-tenure accountability is increasingly demanded by citizens.
WHAT MUST HAPPEN NEXT (LEGALLY AND CIVICALLY)
If Nigerians are serious about supporting the EFCC without turning justice into mob politics, the following steps matter:
Evidence, not emotions
Any link between Achimugu’s transactions and state actors must be established through:
Bank trails
Contract records
Beneficial ownership disclosures
Post-tenure accountability framework
The EFCC is constitutionally empowered to investigate after immunity expires, not before. Citizens must prepare for lawful civic pressure, not pre-judgment.
Transparency from Lagos State
The cleanest response to rumour is data:
Publish contractor payment histories
Open project audits
Cooperate fully with any lawful inquiry
A FINAL WORD TO CITIZENS
Fighting corruption does not require inventing villains.
It requires patience, documents, and courage.
If there is a link between Aisha Achimugu’s alleged illicit funds and any public office holder, the EFCC must prove it in court—and citizens must insist on nothing less.
Justice is strongest when it arrives on evidence, not noise.
Citizen Bolaji O. Akinyemi
Founding President, PVC-Naija
Chairman, Board of Trustees
Apostle & Nation Builder
Dr. Bolaji O. Akinyemi is an Apostle and Nation Builder. He’s also President Voice of His Word Ministries and Convener Apostolic Round Table. BoT Chairman, Project Victory Call Initiative, AKA PVC Naija. He is a strategic Communicator and the C.E.O, Masterbuilder Communications.
Email:bolajiakinyemi66@gmail.com
Facebook:Bolaji Akinyemi.
X:Bolaji O Akinyemi
Instagram:bolajioakinyemi
Phone:+2348033041236
Cover Photo: Dr Mrs Aisha Achimugu
