A federal high court in Abuja has ordered the final forfeiture of $13 million linked to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
Delivering judgment on Wednesday, Justice Emeka Nwite held that the Economic and Financial Crimes Commission (EFCC) proved that the funds were proceeds of unlawful activity.
The ruling followed a suit filed by the EFCC, which challenged the ownership of the funds.
The judge said Oceangate failed to provide sufficient evidence to show the source of the money. He also rejected the company’s claim that the funds were gifts received by Mrs Achimugu.
According to the court, Achimugu did not appear before it to explain the source of the funds and no person said to have given the alleged gifts testified in support of the claim.
The court further held that the company did not show any business transactions that generated the $13 million or provide evidence of payments from customers.
Justice Nwite added that the burden of proving lawful ownership of the funds was not discharged by the company.
The court had earlier, on August 22, 2025, granted an interim forfeiture order and directed the EFCC to publish the order for any interested party to show cause why the funds should not be permanently forfeited.
In an affidavit filed before the court, EFCC investigator Usman Aliyu said the commission acted on intelligence suggesting that Oceangate used funds suspected to be proceeds of unlawful activity to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
He said the $13 million was used to pay signature bonuses for PPL 302 and PPL 3007 and that the funds were not from legitimate business activity.
Investigator Aliyu also stated that part of the money came from transfers made by a state government to contractors for public projects, which were later moved to Oceangate without a contractual relationship.
The EFCC also questioned the credibility of Iliya Wakil, who filed an affidavit on behalf of the company, describing him as a nominal director without shareholding.
According to the commission, Wakil is an employee of another company linked to Achimugu and does not receive a salary from Oceangate. It also said he acted on instructions from Achimugu.
Oceangate, in its defence, urged the court to set aside the interim forfeiture order.
Through Wakil, the company said, “The funds were derived from legitimate earnings and gifts made to the Group Chief Executive Officer.”
It also denied involvement in unlawful financial dealings and said it did not conspire with Bureau de Change operators. The company added that a licensed BDC agent handled foreign exchange sourcing.
Wakil further said the company had no relationship with entities named by the EFCC and argued that the interim forfeiture order was made without jurisdiction and in breach of its right to a fair hearing.
The EFCC, however, maintained its position and asked the court to dismiss the company’s claims.
In its counter-affidavit, the commission described Wakil as a nominal director acting on instructions from Achimugu.
The EFCC also stated, “Oceangate is a briefcase/shell company created as a vehicle for holding petroleum-related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”
It added that an audit report submitted by the company was unreliable, saying the auditor admitted he did not review the company’s financial statements before preparing the report.
Aliyu further stated that Aisha Achimugu acknowledged having control over the company and admitted that it had not executed any contract in the oil and gas sector.
Justice Nwite upheld the EFCC’s position and dismissed the company’s claims, ordering the final forfeiture of the $13 million to the Federal Government.
