By Our Reporter
The Federal High Court in Abuja has upheld the final forfeiture of $13 million linked to Lagos socialite, Aisha Achimugu, and her firm, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
Delivering judgment, Justice Emeka Nwite ruled that the funds were proven by the Economic and Financial Crimes Commission to be proceeds of unlawful activities.
The case arose from a suit filed by Oceangate seeking to recover the money. However, the court held that the company failed to provide a credible explanation for the source of the funds, noting that the anti-graft agency met all legal requirements for forfeiture.
Justice Nwite rejected the company’s claim that the money was obtained through gifts facilitated by Achimugu, pointing out that neither she nor any alleged donors appeared before the court to substantiate the claim.
The court further held that the company did not demonstrate any legitimate business operations or provide evidence of payments from clients that could justify the funds.
Earlier, in August 2025, the court had granted an interim forfeiture order following an ex parte application by the EFCC, directing the agency to publish the order for any interested parties to contest it.
According to an affidavit filed by EFCC investigator Usman Aliyu, the commission received intelligence suggesting that Oceangate used suspected illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
Investigations revealed that the company participated in the 2024 oil block licensing round and secured rights to deep offshore PPL302 and shallow water PPL3007, with financial obligations amounting to $37.2 million.
Aliyu stated that the firm made several payments to the Federal Government, including $20 million paid between March and April 2025 for the acquisition.
However, the EFCC alleged that $13 million used in the transactions was sourced in cash through unlicensed Bureau de Change operators and intermediaries, bypassing formal banking channels.
The commission further claimed that part of the funds originated from contractors linked to the Lagos State Government, who converted the money to foreign currency and transferred it to Oceangate.
In its defence, the company insisted the funds were legitimate, denying any involvement in unlawful dealings. It also maintained that a licensed BDC operator handled its foreign exchange transactions independently.
Despite these arguments, the EFCC described the firm as a shell company allegedly used to hold petroleum assets acquired with illicit funds.
The court ultimately dismissed Oceangate’s claims, ruling that it failed to prove lawful ownership of the money, and affirmed the forfeiture in favour of the Federal Government.
The judgment follows an earlier court order in September 2025, which forfeited an additional $7 million recovered from a bank in Lagos after no claimant came forward.