Justice Emeka Nwite of the Federal High Court, Abuja Division, has ordered the final forfeiture of $13 million linked to Lagos socialite, Aisha Achimugu, and her firm, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
Delivering judgment, Justice Nwite held that the Economic and Financial Crimes Commission (EFCC) successfully established that the funds were proceeds of fraud and unlawful activities. He ruled that the company failed to demonstrate any legitimate source of the money.
The court dismissed claims that the $13 million represented gifts received by Achimugu through Oceangate, noting that none of the alleged donors testified to support the claim. The judge further observed that Achimugu did not personally appear before the court to show cause why the funds should not be permanently forfeited.
According to the court, Oceangate did not provide evidence of any business transaction or contractual engagement that generated the funds, nor did it show proof of payments from customers to justify the amount in question.
Justice Nwite had earlier, on August 22, 2025, granted an interim forfeiture order following an ex parte application by the EFCC, directing the anti-graft agency to publish the order in a national daily to allow interested parties 14 days to contest the forfeiture.
In an affidavit deposed to by EFCC investigator Usman Aliyu, the commission alleged that Oceangate acquired oil blocks PPL 302 and PPL 3007 from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) using funds reasonably suspected to be proceeds of unlawful activity.
The investigator said the company paid a total of $37.2 million in financial obligations to the Federal Government as a condition precedent for the issuance of Petroleum Prospecting Licences. The payments were reportedly made in tranches through bank transfers, including transactions facilitated by Providus Bank and Zenith Bank.
Aliyu further alleged that $13 million of the funds used for the signature bonuses were sourced in cash through unlicensed Bureau de Change operators and intermediaries, including individuals allegedly engaged to collect and convert large sums without passing through proper financial institutions.
The EFCC also claimed that over ₦2.4 billion received by a third-party company from contractors linked to the Lagos State Government was converted to dollars and traced to Oceangate’s account for onward payment of the oil block signature bonuses. The commission maintained that there were no contractual relationships between Oceangate and the contractors whose funds were allegedly diverted.
In response, Oceangate, through an affidavit sworn by one of its directors, Iliya Wakil, denied any wrongdoing. The company argued that the funds were derived partly from legitimate earnings and partly from gifts to Achimugu, who serves as its Group Chief Executive Officer. It also maintained that it lawfully engaged a licensed Bureau de Change operator to source the required dollars.
However, the EFCC, in its counter-affidavit, described Oceangate as a shell company allegedly used to acquire petroleum assets with tainted funds. The commission further questioned the credibility of the company’s audit report and insisted that the funds were not linked to any legitimate oil and gas operations.
In his ruling, Justice Nwite agreed with the EFCC’s position, holding that the burden of proving lawful ownership of the funds was not discharged by the company. He consequently ordered the permanent forfeiture of the $13 million to the Federal Government.
The ruling follows an earlier order by the same court on September 15, 2025, directing the final forfeiture of $7 million recovered from a Providus Bank branch in Ikoyi, Lagos, after no claimant came forward.
