The Federal High Court in Abuja has ordered Oceangate Engineering Oil & Gas Ltd, owned by prominent businesswoman Aisha Achimugu, to forfeit $13 million to the Federal Government over allegations that the funds were proceeds of unlawful activity.
The ruling was delivered on Wednesday by Justice Emeka Nwite while hearing the Economic and Financial Crimes Commission’s (EFCC) motion for final forfeiture of the funds.
Oceangate and Achimugu had faced accusations that the money, part of transactions linked to the acquisition of oil blocks, was not legitimately earned.
According to the EFCC, the funds were used in cash transfers facilitated by unlicensed intermediaries to meet signature bonus obligations, bypassing formal banking channels.
What they are saying
Justice Nwite ruled that the company and Achimugu failed to prove the legitimacy of the $13 million, upholding the EFCC’s application. He dismissed claims that the EFCC had acted without a formal complaint, calling such arguments “baseless.”
EFCC counsel Rotimi Oyedepo, SAN, told the court that the agency followed all legal procedures, including compliance with the Advance Fee Fraud Act, in securing both the interim and final forfeiture orders.
On her side, Achimugu’s lawyers argued that the funds were legitimate, stemming from business earnings and gifts, and challenged the validity of the interim forfeiture order issued while the court sat during vacation. They maintained that Oceangate had no dealings with the unlicensed operators named by the EFCC.
Backstory
Nairametrics reported in March 2025 that the EFCC declared Achimugu wanted over alleged criminal conspiracy and money laundering.
About a month later, she was arrested by the EFCC at the Abuja airport upon her arrival from London, according to her legal team.
She was subsequently released after Justice Inyang Ekwo granted an order following arguments by her lawyers, Kehinde Ogunwumiju, SAN, and Chikaosolu Ojukwu, SAN, alongside EFCC counsel.
What you should know
EFCC investigations allege that Oceangate used funds suspected to be illicit to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
- According to an affidavit by EFCC investigator Usman Aliyu, the company, incorporated in 2005, participated in the 2024 oil licensing round and emerged as a successful bidder for Deep Offshore PPL 302 and Shallow Water PPL 3007, with total financial obligations exceeding $37.2 million.
- The agency claimed that between March 20 and April 3, 2025, the firm paid $20 million toward the acquisition, partly through cash transactions facilitated by unlicensed Bureau de Change operators and intermediaries.
- Aliyu alleged that $13 million was collected in cash through proxies in Abuja and Lagos and channelled through associates and contractors before being used for signature bonus payments, describing the funds as proceeds of unlawful activity.
Achimugu is the Group Managing Director and CEO of Felak Concept Group, the parent company of Oceangate, both of which she controls.
