A Federal High Court in Abuja has ordered the permanent forfeiture of $13 million connected to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, after ruling that the funds were proceeds of unlawful activities.
Delivering judgment on Wednesday, Justice Emeka Nwite held that the Economic and Financial Crimes Commission (EFCC) successfully established that the money was linked to fraudulent dealings.
The ruling followed a suit filed by the anti-graft agency challenging the legitimacy of the funds. The court found that Oceangate failed to provide credible evidence to prove that the $13 million was derived from lawful business activities.
Justice Nwite dismissed the company’s claim that the funds were gifts received by Achimugu, noting that she did not appear before the court to substantiate the claim. He also pointed out that none of the alleged donors was presented to testify.
The court further observed that the company could not show any record of transactions or customer payments that could justify the source of the funds. According to the judge, the burden of proving lawful ownership was not met.
The forfeiture order follows an earlier interim ruling issued on August 22, 2025, in which the court directed the EFCC to publicise the case and invite interested parties to explain why the funds should not be permanently forfeited. No satisfactory defence was subsequently provided.
In an affidavit, EFCC investigator Usman Aliyu disclosed that the commission acted on intelligence suggesting that the funds were used by Oceangate to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission. He stated that the money was used to pay signature bonuses for oil assets identified as PPL 302 and PPL 3007.
Aliyu further alleged that part of the funds originated from money disbursed by a state government to contractors for public projects but was later diverted to Oceangate despite no contractual ties.
The EFCC also challenged the credibility of Iliya Wakil, who represented the company in court filings, describing him as a nominal director without ownership stake. According to the commission, Wakil is linked to another firm associated with Achimugu and acted strictly on her instructions.
The anti-graft agency characterised Oceangate as a shell entity allegedly used to hold petroleum assets acquired with illicit funds, arguing that its claims of legitimate operations were misleading.
However, the company had urged the court to dismiss the forfeiture application, maintaining that the funds were a mix of legitimate earnings and personal gifts to Achimugu.
In its final decision, the court rejected the defence and upheld the EFCC’s request, ordering that the $13 million be permanently forfeited to the federal government.
