Justice Emeka Nwite of the Federal High Court in Abuja has upheld the final forfeiture of $13 million linked to businesswoman, Aisha Achimugu and her firm, Oceangate Engineering Oil & Gas Ltd, to the federal government.
In his ruling on Wednesday, the judge held that the funds were convincingly proven by the Economic and Financial Crimes Commission (EFCC) to be proceeds of fraud and unlawful activities.
The case arose from a suit filed by Oceangate seeking to reclaim the money, but the court found that the company failed to adequately explain the source of the funds.
Justice Nwite ruled that the EFCC met all legal requirements to classify the money as illicit and eligible for forfeiture.
He dismissed Oceangate’s claim that the $13 million was received as gifts through Achimugu, noting that she did not appear before the court to justify the funds. He also pointed out that no individual was presented to confirm giving such gifts.
The court further held that Oceangate failed to prove genuine ownership of the money or provide evidence of any legitimate business activities that generated it. It also did not show that it received payments from any clients.
The judge recalled that on August 22, 2025, he had granted an interim forfeiture order on the funds and directed the EFCC to publish the order for interested parties to show cause within 14 days why the money should not be permanently forfeited.
In an affidavit, EFCC investigator Usman Aliyu stated that the commission received intelligence alleging that Oceangate used suspicious funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He explained that the company participated in bids for offshore oil blocks PPL 302 and PPL 3007 and was later declared a successful bidder, subject to meeting financial obligations.
Aliyu said Oceangate was required to pay about $37.2 million to secure the licences and made several payments in tranches through its bank accounts. He added that additional payments were made via Providus Bank on behalf of the company.
However, the EFCC alleged that part of the funds used—particularly the $13 million in question—came from questionable sources. According to the affidavit:“ That one Suleiman Muhammed Chiroma was procured and aided by Oceangate Engineering Oil and Gas Limited to collect through his associates in cash and without going through a financial institution, both in Abuja and Lagos the total sum of $13,000,000.00.
“That whilst acting in concert with Oceangate Limited, Muhammed Chiroma engaged one Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and one Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited, to collect the said $9 million in cash and without going through a financial Institution for the sole purpose of using same to pay for the signature bonuses of the two oil blocks allocated to Oceangate Oil and Gas Limited.”
The EFCC further alleged that the funds were linked to payments from contractors handling Lagos State projects, despite no formal business relationship with Oceangate.
In its defence, Oceangate argued that the money came from legitimate business earnings and gifts, and that a licensed bureau de change agent sourced the funds lawfully. The company denied any connection with individuals named by the EFCC and insisted it followed due process.
However, the EFCC challenged these claims, describing Oceangate as “a briefcase/shell company created as a vehicle for the purpose of holding petroleum related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”
“Hence, describing the company as ‘a professional oil and gas consortium, operating in diverse sectors of the oil and gas sectors of the Nigerian economy,’ is nothing but describing the devil as an angel of light,” Aliyu wrote.
The agency also questioned the credibility of Oceangate’s audit report and stated that the company had not carried out any significant oil and gas operations.
It added that Achimugu admitted in a statement that the company was not actively engaged in contracts.
Based on the evidence presented, the court ruled that the $13 million was not from any lawful or verifiable source and ordered its permanent forfeiture to the Federal Government.
Justice Nwite also referenced a previous ruling in September 2025, where $7 million linked to the same case was forfeited after no claimant came forward.
