it means literally "ON GOD" meaning that you swear on the creator and the begining and ending of all, that is GOD that you did or did not do something or believe or believe not something .
And it could be used to resemple or represent ACCEPTANCE,DENIAL,IGNORANCE,THREATS...etc
ex: WALAHI I didn't hit you
WALAHI I slept around 10 AM TOO !
WALAHI you lying