January 20, (THEWILL) — A Federal High Court in Abuja has reserved judgement in a motion filed by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of $13 million allegedly linked to Oceangate Engineering Oil & Gas Ltd, a company associated with businesswoman, Aisha Achimugu.
Justice Emeka Nwite fixed March 25, 2026, for ruling after hearing final submissions from EFCC counsel, Rotimi Oyedepo (SAN), and Oceangate’s lawyer, Darlington Ozurumba.
The court had earlier ordered interim forfeiture of the funds, which the EFCC said were proceeds of unlawful activities, and directed the commission to publish the order in a national newspaper to allow interested parties to show cause why the money should not be permanently forfeited to the Federal Government.
In response, Oceangate filed an affidavit challenging the order, claiming ownership of the funds and denying the EFCC’s assertion that the money was illegally sourced. The company said the $13 million was legitimately raised to pay signature bonuses for its interests in two oil licences (PPL 302 and PPL 3007) awarded in 2024.
However, the EFCC, in a counter-affidavit, told the court that investigations showed the funds originated from unlawful sources, adding that parts of the money were traced to contractors engaged by the Lagos State Government. The commission also alleged that Oceangate was used as a conduit to acquire petroleum assets with suspected illicit funds and that some transfers passed through companies said to have no legitimate business relationship with the firm.
The anti-graft agency further maintained that Oceangate had no record of oil and gas operations sufficient to generate such funds and urged the court to grant a final forfeiture order in favour of the Federal Government.
Oceangate denied the allegations, insisting the funds were derived from legitimate business earnings and private financing. The company also rejected claims of conspiracy with unlicenced foreign exchange operators and said it had no dealings with some of the entities named by the EFCC. It urged the court to set aside the interim forfeiture order, arguing that it was made without jurisdiction and in breach of its right to fair hearing.
Justice Nwite adjourned the matter to March 25 for ruling.
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