The Federal High Court sitting in Abuja on Wednesday affirmed the final forfeiture of $13 million linked to Lagos socialite Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
Delivering judgment, Justice Emeka Nwite held that the funds had been sufficiently established by the Economic and Financial Crimes Commission as proceeds of fraud and unlawful activities.
The ruling followed a suit instituted by Oceangate Engineering Oil & Gas Ltd seeking to reclaim the funds previously seized by the anti-graft agency.
Justice Nwite ruled that the company failed to satisfactorily explain the source of the $13 million. According to him, the Economic and Financial Crimes Commission met all legal requirements to justify the forfeiture.
The judge dismissed claims that the funds represented gifts received by the company through Achimugu. He noted that Achimugu did not appear before the court to explain why the funds should not be forfeited.
The court also observed that none of the individuals who allegedly made the monetary gifts appeared to testify.
Justice Nwite held that the applicant failed to prove legitimate ownership of the funds or effectively counter the EFCC’s position that the money was proceeds of fraud.
He further noted that the company did not demonstrate any business activity capable of generating such funds, nor did it present evidence of payments from customers.
Earlier, on August 22, 2025, the court granted an ex parte application filed by the Economic and Financial Crimes Commission for the interim forfeiture of the money. The court also directed the agency to publish the order in a national newspaper to allow interested parties 14 days to show cause.
In an affidavit deposed to by EFCC investigator Usman Aliyu, the commission said it received intelligence suggesting that Oceangate Engineering Oil & Gas Ltd used funds suspected to be proceeds of unlawful activity to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
Aliyu said investigations revealed that the company participated in the 2024 oil block licensing bid for deep offshore PPL302 and shallow water PPL3007 and emerged as a successful bidder.
According to the affidavit, the company’s financial obligations to the government before obtaining the Petroleum Prospecting Licence stood at $37.2 million.
The EFCC said Oceangate made multiple payments to the Federal Government through its account with Zenith Bank, in tranches amounting to millions of dollars.
Between March 20 and April 3, 2025, the company reportedly paid $20 million toward the acquisition of the oil blocks.
However, the commission alleged that the company conspired with unlicensed Bureau de Change operators and bank officials to source $13 million in cash suspected to be proceeds of unlawful activities for the payment of signature bonuses.
Investigators also claimed that the cash was collected through intermediaries in Abuja and Lagos without passing through financial institutions before being used for the transactions.
The EFCC further alleged that funds traced to contractors working for the Lagos State Government were converted into dollars and transferred into Oceangate’s account.
According to the commission, the contractors who moved the funds had no business relationship, shareholding, or investment ties with the company.
In its defence, Oceangate argued that the money came from legitimate earnings and gifts made to Achimugu, the company’s Group Chief Executive Officer.
Through an affidavit sworn by one of its directors, Iliya Wakil, the company denied involvement in unlawful financial dealings or conspiracy with unregistered Bureau de Change operators.
Wakil said a licensed BDC agent, Suleiman Chiroma, was engaged to source the foreign exchange and acted independently.
The company also denied any connection with entities mentioned by the EFCC, including Ashrab Energy and Oil Services Limited and Tripple A & Tee Oil Nigeria Limited.
Oceangate further argued that the interim forfeiture order was issued without jurisdiction and violated its right to a fair hearing.
However, the EFCC countered that Wakil was merely a nominal director without shareholding and was acting on instructions from Achimugu.
The commission also described the company as a shell entity allegedly created to hold petroleum assets acquired with funds suspected to be proceeds of unlawful activity.
Investigators added that an audit report submitted by the company was unreliable after the auditor admitted he did not review the company’s financial statements before preparing the report.
Aliyu also stated that Achimugu, in her extra-judicial statement, acknowledged exercising significant control over the company and admitted it had not executed any contract in the oil and gas sector.
Justice Nwite subsequently dismissed the company’s claims and upheld the final forfeiture of the $13 million to the Federal Government.
The court had earlier, on September 15, 2025, ordered the final forfeiture of another $7 million recovered from a Providus Bank branch in Ikoyi, Lagos, after no claimant came forward.
Meanwhile, Felak Concept Group Limited previously denied reports linking its Group Chief Executive Officer, Achimugu, and its subsidiary, Oceangate Engineering Oil & Gas Ltd, to the controversial $7 million transaction.
