Court Orders Final Forfeiture of $13m Linked to Achimugu’s Firm

Court Orders Final Forfeiture of $13m Linked to Achimugu’s Firm

A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to Lagos socialite Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.

Delivering judgment on Wednesday, Justice Emeka Nwite ruled that the funds were convincingly proven by the Economic and Financial Crimes Commission (EFCC) to be proceeds of unlawful activities. The court held that the company failed to establish any legitimate source of the money.

The case stemmed from a suit filed by Oceangate seeking to reclaim the funds. However, the court found that the company could not provide credible evidence of ownership or lawful earnings tied to the $13 million forfeiture.

Justice Nwite dismissed claims that the money came as gifts to the company through Achimugu, noting that neither the alleged donors nor the socialite appeared before the court to substantiate the claims. He further observed that the firm failed to demonstrate any verifiable business activity, customer payments, or contractual engagements that could justify such funds.

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The matter originated from an interim forfeiture order granted on August 22, 2025, after the EFCC alleged that the money was linked to illicit financial dealings. The anti-graft agency had published the order, inviting interested parties to explain why the funds should not be permanently forfeited, but no satisfactory response was received within the stipulated period.

According to an affidavit by EFCC investigator Usman Aliyu, the commission uncovered intelligence indicating that Oceangate used suspicious funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Investigations showed that the company participated in the 2024 oil block licensing round and emerged as the preferred bidder for PPL 302 and PPL 3007, which required financial commitments exceeding $37 million.

The EFCC alleged that part of the funds—amounting to $13 million linked to Achimugu—was sourced through unregulated channels, including transactions involving unlicensed Bureau de Change operators. The commission further claimed that intermediaries were used to collect large sums of cash across Abuja and Lagos, which were then funneled into the company’s accounts.

Some of the funds were also traced to contractors associated with Lagos State Government projects, despite no formal business relationship with Oceangate.

In its defence, the company denied wrongdoing, insisting that the funds were derived from legitimate business activities and gifts to its Group Chief Executive Officer. It also maintained that it relied on a licensed Bureau de Change operator for foreign exchange transactions.

However, the EFCC described Oceangate as a shell company allegedly used to channel illicit funds into petroleum asset acquisitions. The agency also challenged the credibility of the company’s audit report, stating that it was prepared without access to key financial records.

In his ruling, Justice Nwite agreed with the EFCC, concluding that the company failed to discharge the burden of proof required to overturn the forfeiture. He held that the funds were reasonably suspected to be proceeds of fraud and must be forfeited in the interest of justice.

The court also referenced an earlier forfeiture of $7 million linked to the same company, for which no claimant had come forward.

Court Orders Final Forfeiture of $13m Linked to Achimugu’s Firm