The Federal High Court in Abuja on Wednesday ordered 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 Economic and Financial Crimes Commission (EFCC) had sufficiently proven that the funds were proceeds of fraud and other unlawful activities.
The ruling followed a suit filed by Oceangate seeking to reclaim the money. However, the court found that the company failed to provide a credible explanation for the source of the funds and that the EFCC had met all legal requirements for forfeiture.
Justice Nwite rejected claims that the $13 million represented gifts received by the company through Achimugu, noting that neither Achimugu nor any alleged donors appeared in court to substantiate the claim.
He further held that Oceangate failed to discharge the burden of proving legitimate ownership of the funds or to counter the EFCC’s case that the money was derived from illicit activities. The court also noted the absence of evidence showing that the company generated the funds through business operations or received payments from customers.
The judge recalled that on August 22, 2025, the court had granted an interim forfeiture order following an ex parte application by the EFCC, directing the agency to publish the order for interested parties to show cause within 14 days.
In an affidavit, EFCC investigator Usman Aliyu stated that the commission received intelligence alleging that Oceangate used suspected illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
Investigations revealed that the company participated in the 2024 oil block licensing bid for deep offshore PPL302 and shallow water PPL3007, emerging as a successful bidder with financial obligations totaling $37.2 million.
Aliyu said Oceangate made multiple payments to the Federal Government through its Zenith Bank account, including $20 million paid between March 20 and April 3, 2025, for the acquisition of the oil blocks.
However, the EFCC alleged that the company sourced $13 million in cash through unlicensed Bureau de Change operators and bank officials. The funds, suspected to be proceeds of unlawful activities, were reportedly collected through intermediaries in Abuja and Lagos before being used to pay signature bonuses.
The commission also claimed that some of the funds originated from contractors working for the Lagos State Government, who allegedly converted the money into dollars and transferred it to Oceangate’s account despite having no business relationship with the company.
In its defence, Oceangate argued that the funds were derived from legitimate earnings and gifts made to Achimugu. It denied any involvement in illegal financial dealings and maintained that a licensed Bureau de Change agent was engaged to source foreign exchange independently.
The company also challenged the validity of the interim forfeiture order, claiming it was issued without jurisdiction and violated its right to a fair hearing.
But in its counter-affidavit, the EFCC described Oceangate as a shell company used to hold assets acquired with illicit funds. It also dismissed the credibility of the company’s audit report, noting that the auditor admitted he did not review its financial statements.
The commission further alleged that Achimugu exercised significant control over the company and had admitted in a statement that it had not executed any contracts in the oil and gas sector.
Upholding the EFCC’s position, Justice Nwite dismissed Oceangate’s claims and affirmed the final forfeiture of the $13 million.
The court had earlier, on September 15, 2025, ordered the forfeiture of a separate $7 million recovered from a Providus Bank branch in Ikoyi, Lagos, after no claimant came forward.
Meanwhile, Felak Concept Group Limited had previously denied reports linking Achimugu and Oceangate to that earlier $7 million transaction.
