By By Elizabeth Ugbo
A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to businesswoman Aisha Achimugu and her firm, Oceangate Engineering Oil & Gas Ltd. Justice Emeka Nwite delivered the ruling on Wednesday after the Economic and Financial Crimes Commission (EFCC) proved the funds were proceeds of unlawful activities. The case addressed how the money was sourced, moved, and used for oil block payments.
Court Finds EFCC Met Legal Burden
Justice Nwite ruled that Oceangate failed to explain the source of the funds. He stated that the EFCC met all legal requirements for forfeiture.
Furthermore, the judge rejected claims that the money came from legitimate business activities. He noted that the company provided no proof of customer payments or revenue generation.
The court also dismissed the argument that the funds were gifts. According to the ruling, no donor appeared to testify.
EFCC Presents Evidence of Suspicious Transactions
The EFCC argued that the $13 million came from unlawful activities. Investigators claimed the company sourced cash through unlicensed Bureau de Change operators.
In addition, the agency alleged that intermediaries collected funds in Abuja and Lagos. These funds reportedly bypassed formal banking systems before transfer.
The commission also linked part of the money to contractors working for the Lagos State Government. It stated that these funds were converted into dollars and moved into Oceangate’s account.
Company’s Defence Fails
Oceangate, through director Iliya Wakil, challenged the forfeiture order. The company claimed the funds came from legitimate earnings and gifts to Achimugu.
However, the EFCC described Wakil as a nominal director acting under instructions. It also labeled Oceangate a shell company used to hold assets acquired with suspicious funds.
The court agreed with the EFCC. It ruled that the company failed to prove lawful ownership.
Audit Report and Business Activity Questioned
The EFCC raised concerns about the company’s audit report. The auditor reportedly admitted he did not review financial statements before preparing it.
Moreover, Achimugu admitted in her statement that the company had not executed oil and gas contracts. This admission weakened the defence further.
Oil Block Payments Under Scrutiny
Investigators revealed that Oceangate participated in the 2024 oil block licensing round. The company secured bids for deep offshore PPL302 and shallow water PPL3007.
Between March and April 2025, it paid $20 million to the Federal Government. Its total obligation stood at $37.2 million.
However, the EFCC argued that the funds used for these payments lacked a legitimate source.
Previous $7m Forfeiture Upheld
Earlier, the court ordered the forfeiture of $7 million recovered from a Providus Bank branch in Ikoyi, Lagos. No claimant came forward to contest that order.
This earlier ruling strengthened the EFCC’s case in the current proceedings.
Court Rejects Jurisdiction Argument
Oceangate argued that the interim forfeiture order breached its right to a fair hearing. It also claimed the court lacked jurisdiction.
Nevertheless, Justice Nwite dismissed these claims. He affirmed that due process was followed, including public notice for interested parties.
Conclusion
The court concluded that the funds were proceeds of fraud. It ruled that Oceangate failed to counter the EFCC’s evidence.
As a result, the $13 million now belongs to the Federal Government.
