A Federal High Court in Abuja has fixed March 25, 2026, to deliver judgment on a final forfeiture motion filed by the Economic and Financial Crimes Commission (EFCC) seeking permanent forfeiture of $13 million linked to Oceangate Engineering Oil & Gas Ltd, a firm associated with businesswoman Aisha Achimugu.
Justice Emeka Nwite adjourned the matter after hearing final arguments from EFCC counsel Rotimi Oyedepo, SAN, and Oceangate’s lawyer, Darlington Ozurumba. The case stems from an interim forfeiture order granted by the court, which the EFCC claims represents funds derived from unlawful activities.
The EFCC investigation alleges that Oceangate used the funds to acquire oil licences PPL 302 and PPL 3007 without legitimate revenue sources, and that unlicensed operators and unrelated companies funnelled money into the company’s accounts. The anti‑graft agency argues that the transfers were suspicious and lacked lawful origin.
Oceangate, however, denies all allegations. In a court filing, the company claimed the $13m was sourced from legitimate business earnings and personal gifts to its Group Chief Executive Officer, Dr Aisha Achimugu. It also argued the interim forfeiture order was made without jurisdiction and against the principles of fair hearing.
The outcome on March 25 will determine whether the $13m remains forfeited to the Federal Government or returned to Oceangate.
Freelanews is the editorial byline of Freelanews.com, used for staff reports, news updates, press releases, and collaborative stories produced by the Freelanews Editorial Team.
