Justice Emeka Nwite of the Federal High Court in Abuja has affirmed 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 Nwite held that the Economic and Financial Crimes Commission (EFCC) had established that the funds were proceeds of fraud and unlawful activities. In contrast, Oceangate’s claim to the money failed to provide credible evidence of legitimate ownership. The court also rejected the company’s assertion that the funds were gifts to Achimugu, noting that neither she nor any donor appeared in court to substantiate the claims.
The judge recalled that on 22 August 2025, he had granted the EFCC’s ex-parte motion for an interim forfeiture of the $13 million after credible intelligence suggested that Oceangate, without following due process, had used suspected illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Investigations revealed that while Oceangate had transferred $20 million to the Federal Government for the PPL 302 and PPL 3007 oil blocks, $13 million of these funds were allegedly diverted through unlicensed Bureau de Change operators and intermediaries for payment of signature bonuses.
EFCC investigator Usman Aliyu presented evidence that the company and its agents conspired to retain and transfer the funds, with no legitimate business or contractual relationships supporting the transactions. He further described Oceangate as a shell company used to acquire petroleum-related assets with tainted funds.
Oceangate had argued that licensed BDC agents facilitated lawful currency swaps and that the funds partly derived from legitimate earnings. The company also contended that its directors had no personal control over the transfers. However, the court found these claims unsubstantiated.
Justice Nwite concluded that the EFCC satisfied all requirements for final forfeiture. He dismissed Oceangate’s claims and upheld the transfer of the $13 million to the Federal Government, reinforcing the court’s commitment to tackling illicit financial activities in Nigeria’s oil and gas sector.
