By Nonso Adigwe
Society Page Editor
The Federal High Court sitting in Abuja has ordered the final forfeiture of $13 million linked to Lagos socialite, Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Limited.
Delivering judgment on Wednesday, Justice Emeka Nwite ruled that the Economic and Financial Crimes Commission had successfully demonstrated that the funds were proceeds of fraudulent and unlawful activities.
The court held that neither Achimugu nor her company was able to provide credible evidence showing how the $13 million was legitimately acquired. Justice Nwite dismissed claims that the money represented gifts received by Achimugu on behalf of her company, describing the argument as baseless.
The judge further noted that although Oceangate Engineering Oil & Gas Limited approached the court to challenge the interim forfeiture, Achimugu — who was said to have received the alleged gifts — failed to appear before the court to justify the origin of the funds. Additionally, none of the individuals who allegedly made the gifts testified to support the claim.
Justice Nwite ruled that the company failed to discharge the legal burden required to counter the EFCC’s allegation that the funds were proceeds of unlawful activity. He observed that the firm did not present any evidence of business operations that generated the money or documentation showing payments from clients.
Consequently, the court ordered the forfeiture of the $13 million to the Federal Government.
The ruling followed an earlier interim forfeiture order issued on August 22, 2025, when the court directed the EFCC to publish notices inviting interested parties to show cause why the funds should not be permanently forfeited.
According to an affidavit filed by an EFCC investigator, Usman Aliyu, the agency received intelligence alleging that Oceangate Engineering Oil & Gas Limited used funds suspected to be illicit to acquire oil blocs from the Nigerian Upstream Petroleum Regulatory Commission.
Investigations revealed that the company participated in a 2024 licensing bid for deep offshore PPL 302 and shallow water PPL 3007, eventually emerging as the winning bidder. The EFCC stated that the company’s financial obligations for the licences amounted to about $37.2 million.
The anti-graft agency further alleged that the company transferred millions of dollars to the Federal Government in multiple tranches through accounts domiciled in Zenith Bank and Providus Bank.
The EFCC also claimed that the company collaborated with unlicensed Bureau de Change operators and certain individuals to move $13 million in cash outside formal financial channels to pay signature bonuses for the oil blocs.
However, Oceangate Engineering Oil & Gas Limited denied the allegations, insisting that the funds were partly derived from legitimate business earnings and partly from gifts to Achimugu. The company also rejected claims that it conspired with unlicensed operators or bank officials to transfer illicit funds.
Despite the defence, the court ruled that the company failed to substantiate its claims, leading to the final forfeiture of the $13 million to the Federal Government.
