Prosper Okoye
A Federal High Court in Abuja on Wednesday 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, Justice Emeka Nwite said the Economic and Financial Crimes Commission (EFCC) had established that the funds were proceeds of fraud and unlawful activities.
The ruling followed a suit filed by Oceangate seeking to reclaim the money.
Join our WhatsApp ChannelJustice Nwite held that the company failed to provide a satisfactory explanation for the source of the funds and did not counter the EFCC’s claims.
He also dismissed the company’s assertion that the money consisted of gifts received through Achimugu, noting that neither Achimugu nor any alleged donors appeared before the court to support the claim.
The judge said the company did not demonstrate any legitimate business activity that generated the funds or provide evidence of payments from customers.
The EFCC had earlier secured an interim forfeiture order on Aug. 22, 2025, and was directed to publish it for interested parties to show cause why the funds should not be permanently forfeited.
In an affidavit, an EFCC investigator, Usman Aliyu, said the commission received intelligence that Oceangate used suspected proceeds of unlawful activity to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
He said the company participated in the 2024 oil block licensing round and was declared a successful bidder, with financial obligations of $37.2 million to the government.
Aliyu stated that Oceangate made payments running into millions of dollars through its Zenith Bank account, including $20 million paid between March 20 and April 3, 2025.
The EFCC alleged that $13 million used for part of the payments was sourced in cash through unlicensed Bureau de Change operators and intermediaries in Abuja and Lagos.
According to the commission, some of the funds were traced to contractors linked to the Lagos State Government and were converted to dollars before being transferred to the company.
Aliyu said the funds had no connection to any legitimate business activity and that the contractors involved had no business relationship with Oceangate.
In its defence, Oceangate argued that the funds were legitimate earnings and gifts to its Group Chief Executive Officer, Achimugu, and denied any wrongdoing.
The company also challenged the forfeiture order, saying it was made without jurisdiction and violated its right to fair hearing.
However, the EFCC, in a counter-affidavit, described the firm as a shell company used to hold petroleum assets acquired with suspected illicit funds and questioned the credibility of its audit report.
Justice Nwite dismissed the company’s claims and upheld the forfeiture.
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The court had earlier, on Sept. 15, 2025, ordered the forfeiture of $7 million recovered from a bank in Lagos after no claimant came forward.
Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa
