March 25, (THEWILL) —
On Wednesday, the Federal High Court sitting in Abuja ordered the final forfeiture of $13 million to the Federal Government, funds linked to renowned industrialist, Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Ltd, after ruling that the money was reasonably suspected to be proceeds of unlawful activities.
Delivering judgement, Justice Emeka Nwite held that the funds traced and recovered by the Economic and Financial Crimes Commission (EFCC) from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)’s account domiciled with the Central Bank of Nigeria (CBN) were liable to forfeiture, as the defendants failed to establish their legitimate origin.
The court ruled on a motion for final forfeiture filed by the EFCC, noting that neither Oceangate nor Achimugu discharged the legal burden of proving that the funds were lawfully acquired.
Justice Nwite rejected the arguments of counsel to Oceangate, Darlington Ozurumba, who had claimed that the $13 million originated from gifts to Achimugu and earnings from oil and gas-related contracts. The judge held that these claims were not supported by verifiable evidence or material facts.
He also dismissed the objection challenging the jurisdiction of the court to grant the interim forfeiture order on August 22, 2025, while sitting as a vacation court, affirming that due process and relevant legal provisions were duly followed.
Agreeing with the submissions of EFCC counsel, Rotimi Oyedepo, SAN, the court held that the anti-graft agency acted within the law, relying on provisions including Order 46(5) of the Federal High Court Rules and Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006.
Describing Oceangate’s defence as insufficient, Justice Nwite stated that the company merely made “insinuations” about the source of the funds without providing concrete details.
“The interested party has not shown the particulars of the individuals who gave these huge and mind-blowing gifts. In any event, the said Aisha Achimugu, who purportedly received these gifts, has not shown cause before this honourable court why the sums should not be forfeited”, the judge said.
He added that the EFCC had satisfied all legal requirements for the grant of a final forfeiture order, noting that the steps taken by the agency were consistent with the 1999 Constitution (as amended).
“In the final analysis, I am of the view that the respondent has not discharged the legal obligation to prove the legitimacy of the funds, while the applicant has met the threshold for forfeiture”, he ruled.
Consequently, the court ordered that the sum of $13 million be finally forfeited to the Federal Government.
The ruling followed an earlier interim forfeiture order granted on August 22, 2025, after the EFCC approached the court ex parte, alleging that the funds were proceeds of unlawful activities. The court had also directed the publication of the order in a national daily, inviting interested parties to show cause within 14 days.
In its investigation, the EFCC said it received intelligence alleging that Oceangate Engineering Limited used funds suspected to be illicit to acquire oil blocks—Deep Offshore PPL 302 and Shallow Water PPL 3007—without following due process.
An EFCC investigator, Usman Aliyu, told the court that the company made multiple payments to the Federal Government as part of its financial obligations for the oil block licences, including transactions routed through commercial banks and intermediaries.
However, the commission alleged that $13 million of the funds used for signature bonuses was sourced through unlicenced Bureau de Change operators and cash transactions outside formal financial systems.
The EFCC further claimed that the funds were funnelled through individuals and entities with no legitimate business relationship with Oceangate, including contractors linked to public sector projects, raising suspicion about the origin of the money.
Aliyu also alleged that some of the funds were traced to accounts associated with contractors handling projects for the Lagos State Government, with no contractual ties to Oceangate.
The anti-graft agency maintained that the company acted in concert with certain individuals to channel the funds into its accounts before applying them toward the acquisition of the oil blocks.
In response, Oceangate, through an affidavit deposed to by one of its directors, Iliya Wakil, denied all allegations of wrongdoing. The company insisted that the funds were derived from legitimate business earnings and personal gifts to its Group Chief Executive Officer.
It also argued that the Bureau de Change agent mentioned by the EFCC was duly licensed and acted independently, while denying any knowledge of other individuals or entities cited in the investigation.
The company further challenged the validity of the interim forfeiture order, claiming it was made without jurisdiction and in breach of its right to a fair hearing, and urged the court to set it aside.
However, the EFCC countered these claims, describing Oceangate as a shell entity allegedly used to acquire petroleum assets with funds suspected to be illicit.
The commission also questioned the credibility of the company’s audit report and the role of its director, Wakil, whom it described as lacking substantive ownership or control within the firm.
Justice Nwite, in his ruling, ultimately found the EFCC’s arguments more compelling, holding that the evidence presented by the commission outweighed the defence put forward by the company.
The court’s decision marks a significant development in ongoing efforts to strengthen transparency and accountability in Nigeria’s oil and gas sector, while reinforcing the legal framework for the recovery of assets suspected to be linked to unlawful activities.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
