Justice Emeka Nwite of the Federal High Court, Abuja, has upheld the final forfeiture of $13 million tied to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, ruling that the funds are proceeds of unlawful activity.
Delivering judgment, the court held that the Economic and Financial Crimes Commission successfully established that the money was linked to fraud and could not be traced to any legitimate business transactions.
The judge noted that the company failed to provide credible evidence explaining the source of the funds.
Justice Nwite dismissed claims that the $13 million constituted gifts to Achimugu, stressing that neither the alleged donors nor the beneficiary appeared in court to substantiate the claim.
He ruled that the burden of proof placed on the company to show lawful ownership of the funds was not discharged.
The court further observed that Oceangate did not demonstrate any business activity or contractual engagement capable of generating such revenue, nor did it provide evidence of payments from clients.
The forfeiture followed an earlier interim order granted on August 22, 2025, after which the anti-graft agency was directed to publish notices inviting interested parties to show cause why the funds should not be permanently seized.
No convincing response was received within the stipulated period.
According to an affidavit deposed to by EFCC investigator, Usman Aliyu, the funds were linked to suspicious financial transactions involving the acquisition of oil blocks—PPL 302 and PPL 3007—from the Nigerian Upstream Petroleum Regulatory Commission.
Investigations revealed that Oceangate allegedly moved large sums through multiple channels, including cash transactions facilitated by unlicensed bureau de change operators and intermediaries.
The EFCC claimed that part of the funds originated from contractors linked to the Lagos State Government and were later converted into dollars and routed into the company’s accounts.
The commission alleged that over $13 million was handled outside formal financial systems and used to meet obligations tied to oil block licensing.
It also claimed that the funds were not derived from any verifiable or legitimate business operations of the company.
In its defence, Oceangate, through a director, Iliya Wakil, maintained that the funds were sourced partly from lawful earnings and partly from gifts to its Group Chief Executive Officer.
The company denied any involvement in illicit dealings or conspiracy with unregistered financial operators, insisting that all transactions were conducted within legal bounds.
However, the EFCC challenged the credibility of the defence, describing Wakil as a nominal director with no financial stake in the company.
It further alleged that Oceangate functioned largely as a shell entity used to warehouse petroleum assets acquired with suspicious funds.
The anti-graft agency also questioned the authenticity of the company’s audit report, claiming it was prepared without access to actual financial records and relied solely on informal agreements.
The court ultimately agreed with the EFCC’s position, ruling that the totality of evidence pointed to unlawful origins of the funds and justified their permanent forfeiture to the Federal Government.
The ruling reinforces ongoing efforts by Nigerian authorities to clamp down on financial crimes within the oil and gas sector, particularly in the acquisition of strategic national assets.
