Graphene oxide (GO) was synthesized via a simple electrochemical exfoliation of graphite in a surfactant-containing aqueous solution. A novel custom-made surfactant, 1,4-bis (neopentyloxy)-3-(neopentyloxycarbonyl)-1,4-dioxobutane-2-sulfonate (TC14) was used to assist the exfoliation process. The structural and magnetic properties of prepared GO were examined using electron microscopies, micro-Raman, and Fourier transform infrared spectroscopies, and vibrating sample magnetometer (VSM). Room temperature VSM measurement showed a diamagnetic response of pristine GO under a high magnetic field. This indicated the low defect and the absence of any impurities in the synthesized GO. Simple mixing of GO and carbon nanotubes (CNTs) was also done to study their magnetic properties. CNTs were initially synthesized from waste engine oil using thermal chemical vapour deposition. It was found that the addition of magnetic CNTs has successfully induced the ferromagnetism in the GO sample. The saturation magnetization and average coercivity of GO/CNTs were observed to be 6.13 memu and 345.12 G, respectively. This study offers a low cost and simple method to induced magnetism in GO as compared to the common chemical modifications of GO.