By Francis Ajuonuma
Justice Emeka Nwite of the Federal High Court in Abuja on Wednesday, March 25, 2026, granted a final forfeiture order of $13 million linked to businesswoman Ms Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the federal government.
The Economic and Financial Crimes Commission (EFCC) had dragged Oceangate to court, alleging that the funds were proceeds of fraud and unlawful activities.
The suit challenged the company’s claim to the money, which the EFCC said was used to acquire oil blocs without following due process.
Delivering judgment, Justice Nwite stated, “The applicant, Oceangate Engineering Oil & Gas Ltd, has failed to establish the lawful source of the $13 million in question.
The court is satisfied that the EFCC has proved, beyond a reasonable doubt, that the funds are proceeds of unlawful activities.”
The judge also dismissed claims that the money was a gift to Achimugu. “No evidence was provided to show that the funds were gifts. More importantly, Ms Achimugu did not appear in court to substantiate her claim,” he said.
“No single individual who allegedly gave the funds was called to testify. The applicant has failed to discharge the burden of proof placed upon it.”
Justice Nwite further noted that Oceangate failed to provide records of business transactions or evidence of payment from clients that could justify possession of the money.
“It is clear from the evidence that the applicant did not demonstrate how the funds were earned. The EFCC, on the other hand, presented a credible investigation establishing that the funds were obtained unlawfully,” the judge emphasised.
EFCC investigator, Usman Aliyu, in an affidavit, explained that the funds were used to pay signature bonuses for PPL302 and PPL3007 oil blocks.
He stated, “Intelligence received by the Commission shows that Oceangate Engineering Oil & Gas Limited, without following due process, used funds reasonably suspected to be proceeds of unlawful activity to acquire oil blocs from the Nigerian Upstream Petroleum Regulatory Commission.”
Aliyu further revealed that part of the funds came from payments by a state government to contractors, who then transferred the money to Oceangate’s accounts.
“The contractors were neither investors, directors, nor shareholders in Oceangate, and no contractual relationship existed between them and the company. This clearly indicates the funds were misappropriated,” he said.
In its defence, Oceangate argued that the money was partly derived from legitimate business activities and partly from gifts to the company’s GCEO.
But the EFCC countered, insisting, “All claims of legitimate earnings or gifts are unsubstantiated and cannot stand in the face of documented evidence from our investigation.”
Justice Nwite had initially granted an interim forfeiture order on August 22, 2025, directing the EFCC to publish the order in a national daily for any interested party to show cause within 14 days why the funds should not be permanently forfeited. Following the lapse of the stipulated period, the final forfeiture order was made.
The ruling effectively transfers the $13 million to the federal government, marking a significant win for the EFCC in its ongoing fight against financial crimes.
“This judgment reinforces the message that the courts will not protect funds obtained through unlawful means,” Justice Nwite concluded.
