The Federal High Court Abuja on Wednesday ordered the final forfeiture of $13 million linked to Lagos socialite Aisha Achimugu and her firm, Oceangate Engineering Oil & Gas Limited, ruling that the funds were proceeds of unlawful activities.
Delivering judgment, Justice Emeka Nwite held that the Economic and Financial Crimes Commission successfully proved its case, noting that neither Achimugu nor her company could establish the legitimate origin of the funds.
The court dismissed as “balderdash” the company’s claim that the $13 million represented accumulated gifts received through Achimugu. It further observed that although the company approached the court to reclaim the funds, Achimugu herself failed to appear to justify the source of the money, while none of the alleged donors testified.
Justice Nwite ruled that the company failed to discharge the legal burden of proof required to counter the EFCC’s allegations, adding that no evidence was presented to show any business activity or customer payments that generated the funds. Consequently, the money was ordered forfeited to the Federal Government.
The ruling follows an earlier interim forfeiture order issued on August 22, 2025, when the court directed the EFCC to publish notices inviting interested parties to show cause why the funds should not be permanently seized.
In response, Oceangate maintained that the money belonged to it, insisting it was derived partly from legitimate business earnings and partly from gifts to its Group Chief Executive Officer, Achimugu.
However, in an affidavit deposed by EFCC investigator Usman Aliyu, the agency detailed a complex web of financial transactions allegedly tied to unlawful activities. The EFCC said it received intelligence that Oceangate used suspicious funds to acquire oil blocs from the Nigerian Upstream Petroleum Regulatory Commission.
According to the agency, the company registered with the Corporate Affairs Commission on February 25, 2005 (RC 617736) participated in the 2024 oil bloc licensing bid for deep offshore PPL 302 and shallow water PPL 3007, eventually emerging as a winning bidder.
The EFCC disclosed that Oceangate’s total financial obligation to the government before issuance of the Petroleum Prospecting Licences stood at $37.2 million. It said the company made multiple payments through its Zenith Bank account in tranches, including $1.1 million (twice), $3.8 million, $1.2 million, $3.05 million, $2.1 million, and $500,000.
Additionally, on March 27 and 28, 2025, Providus Bank Limited, acting on behalf of the company, reportedly transferred $7 million to the Federal Government. Evidence of these transactions was later obtained from the Central Bank of Nigeria.
The anti-graft agency further stated that between March 20 and April 3, 2025, Oceangate paid a total of $20 million for the acquisition of the oil blocs.
However, the EFCC alleged that to meet part of the financial requirements specifically the signature bonuses for PPL 302 and PPL 3007 the company conspired with unlicensed Bureau de Change operators and bank officials to channel $13 million in cash outside formal financial systems.
The affidavit claimed that one Suleiman Muhammed Chiroma was engaged to collect the funds in cash across Abuja and Lagos, while associates including Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited were allegedly used to handle about $9 million of the sum.
Investigators also alleged that funds suspected to be proceeds of unlawful activities were sourced from contractors linked to the Lagos State Government and routed through accounts belonging to Ashrab Energy. Specifically, N855,057,560 was reportedly received via Zenith Bank, while additional funds brought the total to N2,455,651,560, which were then converted to dollars and transferred to Oceangate’s account.
The EFCC maintained that the $13 million used for the signature bonuses did not originate from any legitimate business activity.
In its defence, Oceangate, through an affidavit deposed by director Iliya Wakil, denied all allegations, insisting it neither conspired with unlicensed operators nor handled illicit funds, and urged the court to reject the forfeiture request.
The court, however, found the EFCC’s evidence more credible and ordered the permanent forfeiture of the funds, reinforcing its stance on curbing financial crimes and upholding due process.
ELIJAH ADEYEMI
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