ABUJA – A Federal High Court in Abuja on Wednesday, March 25, 2026, ordered the final forfeiture of $13 million linked to prominent businesswoman Ms. Aisha Achimugu and her firm, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
Delivering judgment in the suit, Justice Emeka Nwite ruled that the company failed “woefully” to prove the legitimate source of the massive sum. The decision cements an interim forfeiture order granted in August 2025, after the Economic and Financial Crimes Commission (EFCC) successfully argued that the funds were proceeds of unlawful activity.
”Gifts” Claim Dismissed
Oceangate Engineering had challenged the forfeiture, asserting that the millions were a combination of legitimate business earnings and personal gifts bestowed upon its Group CEO, Aisha Achimugu.
However, Justice Nwite dismissed these claims, noting a glaring lack of evidence. The court highlighted that:
- No Donors Identified: Not a single individual allegedly responsible for these “monetary gifts” was called to testify or provide an affidavit.
- Absence of CEO: Ms. Achimugu herself never appeared in court to show cause why the funds should not be forfeited.
- Lack of Business Trail: The firm failed to provide records of specific contracts, invoices, or customer payments that would account for such a high volume of dollar-denominated income.
”Shell Company” Allegations
The EFCC’s lead investigator, Usman Aliyu, characterized Oceangate in court documents as a “briefcase or shell company” utilized primarily to hold petroleum assets acquired with “tainted funds.”
The commission’s investigation revealed that the $13 million was used to pay “Signature Bonuses” to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for oil blocks PPL302 and PPL3007. According to the EFCC, a significant portion of this money was traced back to public funds diverted from a state government through various contractors who had no formal investment or directorial ties to Oceangate.
Flawed Defense
The court also took issue with the testimony of Iliya Wakil, who deposed to the company’s counter-affidavit. The EFCC established that Wakil was a “nominal director” with no shares in Oceangate, who instead drew a salary from Felak Concept Group—another entity owned by Achimugu.
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”The burden to establish genuine ownership was not met,” Justice Nwite held, concluding that the EFCC had provided a superior and more convincing argument regarding the fraudulent nature of the funds.
This final forfeiture marks a significant victory for the EFCC in its ongoing crackdown on the use of private entities to launder diverted public resources through the oil and gas sector.
