The Federal High Court in Abuja has ordered the final forfeiture of 13 million dollars linked to Lagos-based socialite Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Limited.
The ruling was delivered on Wednesday by Justice Emeka Nwite, who held that the funds were proceeds of unlawful activities. The court found that the Economic and Financial Crimes Commission had established its case and that the respondents failed to provide credible evidence of legitimate ownership.
In his judgment, Justice Nwite stated that neither Ms Achimugu nor her company sufficiently explained how the funds were acquired. The court rejected claims that the money represented accumulated gifts, describing the explanation as lacking merit.
The judge also noted that although the company approached the court to challenge the interim forfeiture, Ms Achimugu, who was said to have received the alleged gifts, did not appear to defend the claim. In addition, no individual was presented before the court to substantiate the assertion that the funds were given as gifts.
The court held that the company did not discharge the legal burden required to counter the EFCC’s findings. It further stated that there was no evidence demonstrating business activities that generated the funds or proof of payments from identifiable customers.
As a result, the court ordered that the entire sum be forfeited to the Federal Government.
The case followed an earlier interim forfeiture order issued by the court on 22 August 2025. At the time, the EFCC was directed to publish a notice inviting interested parties to show cause why the funds should not be permanently forfeited.
In response, Oceangate Engineering Oil & Gas Limited filed an application asserting ownership of the funds. The company maintained that the money was derived partly from legitimate business earnings and partly from gifts received by its chief executive, Ms Achimugu.
However, the EFCC opposed the application, relying on evidence presented through an affidavit by one of its investigators. The agency said it had received intelligence indicating that the company used funds suspected to be proceeds of unlawful activities in acquiring oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
According to the EFCC, the company participated in a 2024 oil block licensing bid and emerged as a successful bidder for offshore and shallow water assets. The agency stated that the financial obligations required before the issuance of licences amounted to over 37 million dollars.
Investigations, the EFCC said, showed that the company made multiple payments to the Federal Government in instalments through its bank accounts. These included several transfers amounting to millions of dollars, as well as an additional seven million dollars transferred through a commercial bank acting on its behalf.
The commission further alleged that part of the funds used in the transactions was sourced through informal cash collections and transfers that did not pass through recognised financial institutions. It claimed that individuals and companies were engaged to receive and convert large sums of money, which were later channelled into payments linked to the oil block acquisition.
The EFCC also told the court that some of the funds were traced to payments made by contractors associated with projects involving the Lagos State Government. These funds were allegedly converted into foreign currency and transferred to accounts linked to Oceangate Engineering Oil & Gas Limited.
Based on these findings, the agency maintained that the 13 million dollars in question could not be traced to lawful business activities and should be forfeited.
In its defence, the company denied any wrongdoing and rejected allegations of conspiracy with unlicensed financial operators or bank officials. It insisted that the funds were legitimate and urged the court not to grant a final forfeiture order.
After considering the arguments from both sides, the court ruled in favour of the EFCC, concluding that the evidence supported the claim that the funds were proceeds of unlawful activities.
The ruling brings an end to the forfeiture proceedings, with the funds now officially transferred to the Federal Government.
