By Our Report, With Agency Reports
THE 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 ruled on Wednesday that the funds, which were traced and recovered by the Economic and Financial Crimes Commission (EFCC) from an account at the Central Bank of Nigeria (CBN), are reasonably suspected to be proceeds of unlawful activity.
In his ruling, Justice Nwite stated that Oceangate and Ms. Achimugu failed to prove the legitimacy of the funds. He dismissed arguments from Oceangate’s lawyer that the money came from gifts and oil-related contracts, noting the lack of substantiating evidence, such as the identities of those who allegedly gave the “mind-blowing gifts.”
The judge also rejected claims that the court lacked jurisdiction to grant the initial interim forfeiture during a vacation period, affirming that the EFCC had complied with relevant legal requirements.
The judge emphasised that the company did not demonstrate how it legitimately earned the funds, describing its explanations as “mere insinuations.” He noted that Ms. Achimugu herself did not appear before the court to show cause, and the only party that attempted to do so was the company.
The case originated from an Aug. 22, 2025, interim forfeiture order. EFCC investigations revealed that Oceangate had made substantial payments totaling $20 million to the government to acquire oil blocks (PPL 302 and PPL 3007).
However, the commission alleged that $13 million of this amount was sourced through unlicensed Bureau de Change operators and cash collections, bypassing formal financial channels.
The EFCC further alleged that the funds were linked to payments from Lagos State government contractors, with no legitimate business relationship between those contractors and Oceangate.
Oceangate had contested the forfeiture, arguing that the funds came from legitimate earnings and gifts. However, the EFCC countered that the company’s director who swore to the counter-affidavit was a nominal figure who took instructions from Ms. Achimugu.
The commission also presented evidence that Ms. Achimugu admitted in a statement that the company was not actively executing any contracts.
Concluding that the EFCC had met its legal burden while the respondents had failed to justify the source of the funds, Justice Nwite issued the final forfeiture order.
This ruling follows a similar decision by the same judge on Sept. 15, 2025, ordering the final forfeiture of $7 million linked to the same parties.
