Court upholds Achimugu $13m forfeiture, ruling funds are proceeds of unlawful activities following EFCC investigation
Justice Emeka Nwite of the Federal High Court, Abuja, on Wednesday affirmed the final forfeiture of $13 million linked to Lagos socialite Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
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The ruling followed an application by the Economic and Financial Crimes Commission, which established the funds as proceeds of unlawful activities.
Delivering judgment, Justice Nwite held that Oceangate Engineering Oil & Gas Ltd failed to provide a credible explanation for the source of the funds.
The judge ruled that the EFCC met all legal requirements to justify the forfeiture, describing the agency’s case as compelling.
The court dismissed the company’s claim that the money constituted gifts received through Achimugu.
Justice Nwite noted that Aisha Achimugu did not appear before the court to defend the origin of the funds, while no alleged donors were called to testify.
According to the judgment, the company failed to discharge the burden of proof required to establish legitimate ownership.
The court also found no evidence of business activities or customer payments capable of generating such funds.
The case originated from an earlier interim forfeiture order granted on 22 August 2025, when the court directed the EFCC to publish the order for interested parties to show cause.
The order followed intelligence reports that Oceangate used suspected illicit funds to acquire oil blocks.
In an affidavit, EFCC investigator Usman Aliyu stated that the company participated in the 2024 oil block licensing round and emerged a successful bidder for deep offshore PPL302 and shallow water PPL3007.
He added that the company paid about $20 million between March and April 2025 towards the acquisition.
However, the EFCC alleged that $13 million used for signature bonuses was sourced in cash through unlicensed Bureau de Change operators and intermediaries, bypassing formal financial channels.
The commission further claimed that funds traced to contractors linked to the Lagos State Government were converted to dollars and channelled into Oceangate’s account.
The agency described the funds as reasonably suspected proceeds of fraud, stressing that the contractors involved had no business relationship or investment ties with the company.
In its defence, Oceangate argued that the funds were derived from legitimate earnings and gifts to its Group Chief Executive Officer.
The company denied involvement in any unlawful financial dealings and maintained that a licensed foreign exchange agent handled its transactions independently.
The EFCC, however, countered that the company operated as a shell entity and questioned the credibility of its financial records.
The commission also cited admissions attributed to Achimugu, indicating that the company had not executed any oil and gas contracts.
Justice Nwite subsequently dismissed the company’s claims and upheld the forfeiture, reinforcing the EFCC’s position in what observers describe as a decisive anti-corruption ruling.
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The court had earlier ordered the forfeiture of $7 million recovered from a Providus Bank branch in Ikoyi, Lagos, after no claimant came forward.
