The 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, to the Federal Government after ruling that the funds were proceeds of unlawful activity.
Delivering judgment on Wednesday, Justice Emeka Nwite held that the Economic and Financial Crimes Commission (EFCC) established sufficient evidence showing the money was fraud-related and that the company failed to justify its legitimate origin.
The court rejected claims by Oceangate that the funds were partly derived from gifts received by Achimugu and proceeds from oil and gas transactions, noting that no credible evidence or witnesses were presented to support the assertions.
Justice Nwite also observed that Achimugu did not personally appear before the court to explain the source of the funds, while the company failed to demonstrate any business activities or contractual payments that could account for the $13 million.
The ruling followed an interim forfeiture order granted on August 22, 2025, after the EFCC alleged the funds were linked to suspicious transactions related to payments for petroleum prospecting licences PPL 302 and PPL 3007 issued by the Nigerian Upstream Petroleum Regulatory Commission.
In an affidavit before the court, EFCC investigator Usman Aliyu said intelligence reports indicated that Oceangate used funds suspected to be proceeds of unlawful activity to meet financial obligations tied to the oil block acquisitions.
According to the EFCC, part of the money was allegedly routed through cash collections involving intermediaries and converted into foreign currency before being transferred to the company’s account for payment of signature bonuses.
The commission further alleged that some of the funds originated from contractors handling projects for the Lagos State Government, despite no contractual relationship existing between the contractors and Oceangate.
Oceangate, however, denied involvement in any illegal transactions and argued that the funds were sourced through legitimate business earnings and a licensed bureau de change agent engaged to obtain foreign currency for government-required payments.
Justice Nwite ruled that the company failed to discharge the burden of proving lawful ownership of the funds and affirmed the final forfeiture order in favour of the Federal Government.
