Justice Emeka Nwite of the Federal High Court, Abuja, has ordered the final forfeiture of $13 million linked to Lagos-based socialite, Aisha Achimugu, and her firm, Oceangate Engineering Oil & Gas Limited, to the Federal Government.
Delivering judgment on Wednesday, the court held that the funds were proven to be proceeds of unlawful activities, as established by the Economic and Financial Crimes Commission (EFCC).
The ruling followed a suit filed by Oceangate Engineering Oil & Gas Limited challenging an interim forfeiture order earlier granted to the anti-graft agency. However, Justice Nwite ruled that the company failed to provide credible evidence explaining the legitimate source of the funds.
The court dismissed claims that the $13 million constituted gifts to Achimugu, noting that neither the businesswoman nor any alleged donors appeared before the court to substantiate the claims. The judge emphasized that no individual was presented to testify to making such financial gifts.
According to the court, Oceangate did not demonstrate any verifiable business activities or transactions capable of generating the disputed sum. The burden of proof, Justice Nwite held, was not discharged by the company.
The case originated from an interim forfeiture order granted on August 22, 2025, after the EFCC alleged that the funds were linked to unlawful financial dealings, including irregular acquisition of oil blocks through the Nigerian Upstream Petroleum Regulatory Commission.
EFCC investigations revealed that Oceangate participated in the 2024 oil block licensing bid and was declared a winning bidder for PPL 302 and PPL 3007, with financial obligations exceeding $37 million. While the company made several payments to the Federal Government, investigators alleged that $13 million used for part of the payments was sourced through illicit means.
An EFCC affidavit detailed how cash transactions involving unlicensed Bureau de Change operators and intermediaries were used to move the funds outside formal banking channels. The commission further alleged that part of the money originated from contractors handling projects for the Lagos State Government, despite no established business relationship with Oceangate.
In its defence, the company denied any wrongdoing, insisting that the funds were derived from legitimate earnings and gifts to its Group Chief Executive Officer. It also argued that it lawfully engaged a licensed currency dealer to source the required foreign exchange.
However, the EFCC countered these claims, describing Oceangate as a shell entity used to acquire petroleum assets with suspected illicit funds. The commission also challenged the credibility of the company’s audit report, stating that it was not based on verified financial records.
Justice Nwite ultimately upheld the EFCC’s position, ruling that all legal requirements for final forfeiture had been met and ordering the $13 million to be permanently forfeited to the Federal Government.
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