The Economic and Financial Crimes Commission (EFCC) has secured a final forfeiture order of the $13 million linked to businesswoman, Aisha Achimugu, and her company, Oceangate Engineering Oil and Gas Limited.
Delivering judgment on Wednesday in Abuja, Justice Emeka Nwite of the Federal High Court, ruled that the funds be permanently forfeited to the federal government after the company failed to prove legitimate ownership.
The case arose after Oceangate Engineering Oil and Gas Limited approached the court to reclaim the $13 million, which the EFCC had earlier identified as suspected proceeds of fraud and unlawful activities.
However, the court held that the company “failed woefully” to establish how the funds were acquired.
Justice Nwite dismissed claims that the money represented gifts received by Achimugu, noting that neither the businesswoman nor any alleged donor(s) appeared before the court to substantiate the claims.
He held that the burden of proof rested on the applicant to demonstrate lawful ownership, which the company failed to discharge.
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The judge also pointed out that Oceangate did not provide evidence of business transactions or payments from clients that could justify the origin of the funds.
The court had previously granted an interim forfeiture order on August 22, 2025, directing the EFCC to publish the notice for any interested parties to contest the seizure.
No convincing claims were subsequently presented.
In its investigation, the EFCC alleged that the funds were used to acquire oil assets from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) without due process.
An affidavit by EFCC investigator, Usman Aliyu, stated that the money used for signature bonuses on oil blocks PPL 302 and PPL 3007 originated from public funds transferred by contractors with no formal ties to Oceangate.
The commission further argued that the company operated as a shell entity used to channel and hold petroleum assets acquired with illicit funds.
Oceangate, in its defence, maintained that the money came from legitimate business earnings and personal gifts to Achimugu.
However, the EFCC countered that the claims lacked credible evidence, urging the court to dismiss the application.
Upholding the anti-graft agency’s position, the court concluded that the $13 million constituted proceeds of unlawful activity and ordered its final forfeiture to the federal government.
