A Federal High Court in Abuja on Wednesday ordered the final forfeiture of $13 million linked to Lagos socialite, Aisha Achimugu, and her firm, Oceangate Engineering Oil & Gas Ltd, to the Federal Government, upholding the position of the Economic and Financial Crimes Commission (EFCC) that the funds were proceeds of unlawful activities.
Justice Emeka Nwite, who delivered the judgment, ruled that the anti-graft agency had sufficiently established that the money was connected to fraudulent transactions.
The ruling followed a suit filed by Oceangate Engineering Oil & Gas Ltd, which had asked the court to set aside the interim forfeiture order and reclaim the funds.
However, the judge held that the company failed to provide a credible explanation regarding the source of the $13 million, noting that the EFCC complied with all legal requirements necessary to justify the forfeiture.
Justice Nwite also rejected claims that the funds were gifts allegedly received by the company through Achimugu, pointing out that the socialite did not appear before the court to explain why the money should not be forfeited.
The court further observed that none of the individuals who allegedly made the financial gifts testified to support the claim.
According to the judge, Oceangate failed to prove legitimate ownership of the funds or counter the EFCC’s assertion that the money represented proceeds of fraud.
He added that the company could not show evidence of any business activities capable of generating the funds or payments made by customers.
The court recalled that on August 22, 2025, it granted an ex parte application by the EFCC for the interim forfeiture of the funds and directed the commission to publish the order in a national newspaper for interested parties to show cause within 14 days.
In an affidavit deposed to by an EFCC investigator, Usman Aliyu, the commission said intelligence reports indicated that Oceangate used suspected illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Investigations, according to the commission, showed that the company participated in the 2024 oil block licensing round and emerged as a successful bidder for the deep offshore PPL302 and shallow water PPL3007 blocks.
Aliyu stated that the company’s financial obligation to the Federal Government before the issuance of the Petroleum Prospecting Licence stood at $37.2 million, adding that Oceangate made several payments in millions of dollars through its Zenith Bank account.
He said that between March 20 and April 3, 2025, the company paid about $20 million towards acquiring the oil blocks.
However, the EFCC alleged that Oceangate conspired with unlicensed Bureau de Change operators and bank officials to source $13 million in cash suspected to be proceeds of unlawful activities for the payment of signature bonuses.
The affidavit stated that the funds were allegedly collected through intermediaries in Abuja and Lagos without passing through formal banking channels before being used for the transactions.
The investigator also alleged that funds traced to contractors working for the Lagos State Government were converted into dollars and transferred into Oceangate’s account.
According to him, the $13 million used for the signature bonuses “were not proceeds of any lawful and legitimate business but rather represent funds reasonably suspected to be proceeds of unlawful activity.”
He added that the contractors who transferred the funds had no business relationship, shareholding or investment ties with Oceangate.
In its defence, the company, through an affidavit sworn to by one of its directors, Iliya Wakil, argued that the funds were derived from legitimate earnings and gifts made to its Group Chief Executive Officer, Achimugu.
Oceangate denied involvement in unlawful financial dealings and insisted that a licensed BDC operator, Suleiman Chiroma, was engaged to source the required foreign exchange.
The company also denied any link with entities named by the EFCC, including Ashrab Energy and Oil Services Limited and Tripple A & Tee Oil Nigeria Limited, and argued that the interim forfeiture order violated its right to fair hearing.
But the EFCC, in its counter-affidavit, described Wakil as a nominal director without shareholding and alleged that he acted on instructions from Achimugu.
The commission further characterised Oceangate as “a briefcase or shell company created as a vehicle for holding petroleum assets procured with funds suspected to be proceeds of unlawful activity.”
Aliyu also alleged that the audit report submitted by the company was unreliable, noting that the auditor admitted he did not review the company’s financial statements before preparing the report.
He added that Achimugu, in an extra-judicial statement, admitted to exercising significant control over the company and acknowledged that it had not executed any contract in the oil and gas sector.
Justice Nwite subsequently dismissed the company’s claims and upheld the final forfeiture of the $13 million to the Federal Government.
The court had earlier, on September 15, 2025, ordered the final forfeiture of $7 million recovered from a Providus Bank branch in Ikoyi, Lagos, after no claimant came forward.
Meanwhile, Felak Concept Group Limited had earlier denied reports linking its Group Chief Executive Officer, Achimugu, and its subsidiary, Oceangate Engineering Oil & Gas Ltd, to the controversial $7 million transaction.