The Federal High Court in Abuja has affirmed the final forfeiture of $13 million linked to Lagos socialite Ms. Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government. Justice Emeka Nwite delivered the judgment on Wednesday, holding that the Economic and Financial Crimes Commission (EFCC) had sufficiently established that the funds were proceeds of unlawful activities.
The decision comes after Oceangate Engineering Oil & Gas Ltd had sought to reclaim the money, claiming it was partly derived from legitimate business earnings and gifts to its Group Chief Executive Officer, Aisha Achimugu. The court, however, ruled that the company failed to provide credible evidence to justify ownership of the funds.
Justice Nwite noted that the EFCC met all legal requirements to classify the $13 million as proceeds of fraud and to permanently forfeit the money to the government. The judge dismissed claims that the money was a gift, adding that neither Aisha Achimugu nor any person who allegedly gave the funds appeared in court to testify.
“The burden to establish genuine ownership of the money was not met by the applicants,” the judge said, adding that Oceangate failed to provide details of business activities that generated the money or any payments made by its supposed clients.
This ruling follows an interim forfeiture order granted by the court on August 22, 2025, after the EFCC presented evidence suggesting that Oceangate had unlawfully retained and transferred funds amounting to $13 million to meet financial obligations for two Nigerian oil blocks, PPL 302 and PPL 3007.
EFCC investigator Usman Aliyu, who swore an affidavit in support of the forfeiture, revealed that Oceangate was registered with the Corporate Affairs Commission on February 25, 2005. In 2024, the company participated in bidding for deep offshore and shallow water petroleum licenses. Following technical and commercial evaluations, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) awarded the company the licenses, contingent on payment of $37.2 million as signature bonuses.
Aliyu told the court that while Oceangate made several legitimate transfers to the Federal Government, it allegedly conspired with unlicensed Bureau de Change operators and bank officials to retain $13 million in cash, which was then used to partially settle the oil block payments.
He stated that individuals such as Suleiman Muhammed Chiroma, Dantani Abubakar Hassan of Ashrab Energy & Oil Services Ltd, and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Ltd were recruited to handle the funds outside official banking channels. Some of the funds were also traced to contracts executed for the Lagos State Government.
Aliyu described Oceangate as a “briefcase/shell company” used to hold petroleum-related assets purchased with funds suspected to be proceeds of unlawful activity.
In its defense, Oceangate denied any wrongdoing, claiming that the funds were partly from legitimate business income and gifts to Achimugu. The company insisted that Chiroma, a licensed Bureau de Change operator, independently handled the sourcing of US dollars required for the oil block payments.
Oceangate also stated that it had no connection with Hassan or Usman and that it had never met or transacted with them. The company attached audited accounts as evidence of legitimate earnings.
Additionally, the company’s affidavit argued that the interim forfeiture order was issued without proper jurisdiction and violated principles of fair hearing. The company emphasized that Achimugu and her team had acted within the law in sourcing funds for the signature bonuses.
EFCC investigators presented extra-judicial statements from Achimugu and Iliya Wakil, a director of Oceangate. Achimugu reportedly admitted to having significant control over the company but confirmed that Oceangate had not carried out contracts in either the private or public sector. Wakil, described as a nominal director with no shareholding, revealed he drew salary from another Achimugu-owned company, Felak Concept Group Limited, and not from Oceangate.
The court heard that auditors hired by Oceangate prepared reports without reviewing actual company account statements, relying instead on a memorandum of understanding. EFCC argued this was insufficient to prove legitimate earnings and ownership of the funds.
The controversy revolves around two petroleum licenses: PPL 302 (deep offshore) and PPL 3007 (shallow water). Signature bonuses for these blocks were required to be paid in US dollars to the Federal Government. While some payments were made through legitimate banking channels, the EFCC investigation uncovered that $13 million of the funds was handled in cash, bypassing banking oversight.
Aliyu explained that the money, partly sourced from Lagos State Government contractors, was transferred to Oceangate accounts and then used to pay for the signature bonuses. There was no evidence of contractual relationships between the contractors and Oceangate.
Justice Nwite ruled that Oceangate failed to establish lawful ownership of the $13 million. The final forfeiture adds to previous EFCC successes in reclaiming misappropriated funds linked to corporate entities and individuals.
The EFCC’s win reinforces Nigeria’s ongoing efforts to recover funds suspected to have been diverted from public or regulated transactions. The commission has increasingly focused on cases involving oil block allocations, a sector long vulnerable to fraudulent practices due to its high financial stakes.