The Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to industrialist Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government, ruling that the funds were reasonably suspected to be proceeds of unlawful activity. Justice Emeka Nwite, in his ruling on Wednesday, held that neither Oceangate nor Achimugu had been able to demonstrate to the court that the money was legitimately obtained, dismissing arguments that the funds came from gifts and earnings from oil and gas contracts as unsubstantiated.
The ruling culminates a legal process that began with an interim forfeiture order granted on August 22, 2025, which directed the Economic and Financial Crimes Commission (EFCC) to publish the order for interested parties to show cause why the funds should not be permanently forfeited. Justice Nwite found that Oceangate failed to discharge the legal obligation placed on it to prove the legitimacy of the funds, describing the company’s explanations as “mere insinuations” lacking material facts. The judge noted that neither Achimugu nor the company provided particulars of individuals who allegedly gave the “huge and mind-blowing gifts” that purportedly constituted part of the funds.
The case originated from the EFCC’s investigation into the acquisition of oil blocks by Oceangate. According to court documents, the company participated in a licensing bid for deep offshore PPL302 and shallow water PPL3007, with total financial obligations of $37,223,144 required before the issuance of Petroleum Prospecting Licenses. Investigators alleged that to fulfil the signature bonus requirements, Oceangate conspired with unlicensed Bureau de Change operators and bank officials to retain and transfer $13 million, which was traced to accounts at the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) domiciled with the Central Bank of Nigeria.
The EFCC investigator, Usman Aliyu, deposed that the company procured Suleiman Muhammed Chiroma, a licensed BDC agent, to collect substantial sums in cash without going through financial institutions. Aliyu further alleged that Chiroma engaged Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited to collect $9 million in cash for payment of signature bonuses. Investigators also traced funds from Lagos State Government contractors that were allegedly routed through accounts controlled by Achimugu’s network and converted to dollars for the oil block payments.
In its defense, Oceangate argued that the funds were derived partly from legitimate earnings and partly from gifts to Achimugu, contending that Chiroma was a licensed BDC agent engaged lawfully to source dollars for the signature bonuses. The company claimed it had no knowledge of the individuals and entities named in the EFCC’s affidavit. However, the court found these explanations insufficient, noting that the company failed to provide verifiable evidence of the alleged gifts or legitimate business earnings that would account for the substantial sums involved.
The EFCC’s investigation revealed that Iliya Wakil, who deposed to Oceangate’s affidavit, was a nominal director who drew salary from Felak Concept Group—another company owned by Achimugu—and not from Oceangate. Investigators also obtained statements from the auditor who prepared the company’s financial reports, who admitted that he had not reviewed account statements and relied solely on a memorandum of understanding. Achimugu herself, in her extrajudicial statement, reportedly acknowledged having the most significant control of Oceangate and admitted that the company was not actively engaged in contract execution.
Justice Nwite’s ruling emphasized that the EFCC had fulfilled the constitutional and statutory requirements for forfeiture, citing Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act. The judge described as “baseless” the argument that the EFCC was a meddlesome interloper since no individual or corporate body had complained about missing funds, noting that the commission’s action was permitted by law. The final forfeiture order now vests the $13 million in the Federal Government.
