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.
Justice Emeka Nwite, delivering judgment on Wednesday, held that the funds were proceeds of unlawful activities, ruling in favour of the Economic and Financial Crimes Commission (EFCC), which had sought permanent forfeiture.
The case arose from a suit filed by Oceangate Engineering Oil & Gas Ltd challenging the seizure of the funds. However, the court ruled that the company failed to establish how it legitimately acquired the money.
Court Dismisses ‘Gift’ Defence
Justice Nwite rejected the company’s claim that the $13 million represented gifts to its Group Chief Executive Officer, Aisha Achimugu, noting that no evidence was presented to support the assertion.
The judge observed that neither Achimugu nor any of the alleged donors appeared before the court to testify or justify the source of the funds.
“The applicant failed woefully to establish how it came about the funds,” the court held, affirming the EFCC’s position that the money was linked to fraudulent activities.
Lack of Evidence on Business Transactions
The court further found that Oceangate failed to demonstrate any legitimate business operations that could have generated the funds.
It noted the absence of records showing services rendered, contracts executed, or payments received from clients that could justify the $13 million.
Justice Nwite held that the burden of proof rested on the applicant to establish lawful ownership of the funds, a burden the company did not discharge.
EFCC Links Funds to Oil Block Payments
In its filings, the EFCC argued that the funds were used to acquire oil assets, including the payment of signature bonuses for oil blocks PPL 302 and PPL 3007.
An affidavit by EFCC investigator, Usman Aliyu, stated that the money was traced to public funds transferred by contractors acting on behalf of a state government, despite no established contractual relationship with Oceangate.
Aliyu further alleged that the company operated as a shell entity used to channel illicit funds into petroleum asset acquisitions.
Questions Over Company Structure
The EFCC also challenged the credibility of the company’s affidavit, noting that its deponent, Iliya Wakil, was a nominal director with no shareholding in Oceangate.
According to the Commission, Wakil admitted during investigation that he received instructions from Achimugu and remained on the payroll of other companies linked to her, with no salary records from Oceangate.
From Interim to Final Forfeiture
The ruling follows an earlier interim forfeiture order granted on August 22, 2025, which temporarily seized the funds and directed the EFCC to publish a notice inviting interested parties to contest the action within 14 days.
With no sufficient proof of lawful ownership presented, the court affirmed the final forfeiture of the $13 million to the Federal Government.
The judgment marks a significant boost to the EFCC’s asset recovery efforts, reinforcing its mandate to trace and confiscate proceeds of alleged financial crimes.
