A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
Delivering judgment on Wednesday, Justice Emeka Nwite held that the Economic and Financial Crimes Commission successfully proved that the funds were proceeds of unlawful activity.
The case followed a suit filed by the EFCC challenging the ownership of the money. According to the court, Oceangate failed to provide credible evidence showing the legitimate source of the $13 million.
The judge rejected the company’s claim that the funds were gifts to Achimugu, noting that she did not appear in court to explain the source of the money, and no individual alleged to have given such gifts testified.
The court also found that the company could not show any business transactions that generated the funds or provide proof of customer payments. Justice Nwite ruled that the burden of proving lawful ownership was not met.
The ruling comes after an earlier interim forfeiture order dated August 22, 2025, which required the EFCC to publish notices inviting any interested party to show cause why the funds should not be permanently forfeited.
In its filings, the EFCC, through investigator Usman Aliyu, said the commission acted on intelligence suggesting the funds were used to acquire oil blocks through the Nigerian Upstream Petroleum Regulatory Commission.
According to the EFCC, the $13 million was used to pay signature bonuses for oil assets identified as PPL 302 and PPL 3007 and did not originate from legitimate business activity.
The commission also alleged that part of the funds came from payments made by a state government to contractors for public projects, which were later transferred to Oceangate despite no contractual relationship.
Oceangate, in its defence, argued that the funds were legitimate earnings and gifts made to its chief executive. The company, through its representative Iliya Wakil, denied any involvement in unlawful transactions and said foreign exchange sourcing was handled by a licensed bureau de change operator.
However, the EFCC challenged Wakil’s credibility, describing him as a nominal director acting on instructions and not a shareholder in the company. The commission further alleged that Oceangate was a shell entity used to hold assets acquired with suspicious funds.
Justice Nwite agreed with the EFCC’s position, dismissed the company’s arguments, and ordered the final forfeiture of the $13 million to the Federal Government.
