A Federal High Court sitting in Abuja has ordered the final forfeiture of $13 million linked to a businesswoman, Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
The order was granted on Wednesday, March 25, 2026, by Justice Emeka Nwite, following a case involving the Economic and Financial Crimes Commission (EFCC), which investigated the origin of the funds.
Delivering judgment, Justice Nwite held that Oceangate Engineering Oil & Gas Ltd failed to provide sufficient evidence to prove the legitimate source of the $13 million. He ruled that the EFCC successfully demonstrated that the funds were proceeds of unlawful activities and should be permanently forfeited to the government.
The judge dismissed claims by the company that the money was partly derived from business earnings and partly from gifts received by Achimugu. He noted that Achimugu did not appear before the court to explain the source of the funds or justify why they should not be forfeited.
Justice Nwite further observed that no individual allegedly responsible for gifting the money testified in court, weakening the company’s defense.
According to the court, the burden of proving genuine ownership of the funds rested on Oceangate, but the company failed to discharge this responsibility.
The judge stated that the firm did not present evidence of any business transactions that could have generated such funds. It also failed to show proof of payments from customers or contracts that could justify the amount in question.
The case originated after the EFCC dragged Oceangate before the court over suspicions that the $13 million was linked to fraudulent activities.
Earlier, on August 22, 2025, the court had granted an interim forfeiture order and directed the EFCC to publish a notice in a national newspaper, inviting interested parties to show cause within 14 days why the funds should not be permanently forfeited.
In an affidavit presented by EFCC investigator, Usman Aliyu, the commission revealed that it acted on intelligence indicating that Oceangate used funds suspected to be proceeds of unlawful activities to acquire oil blocks.
The investigator specifically linked the funds to payments made as Signature Bonuses for oil assets identified as PPL 302 and PPL 3007, under the supervision of the Nigerian Upstream Petroleum Regulatory Commission.
Aliyu alleged that part of the money originated from funds transferred by a state government to contractors for public projects. He claimed there were no known contractual relationships between Oceangate and the contractors who transferred the funds.
He also stated that the contractors were neither investors, directors, nor shareholders in the company, raising further suspicion about the transactions.
In its defence, Oceangate argued that the funds were sourced from legitimate business activities and gifts to its Group Chief Executive Officer, Achimugu.
However, the EFCC urged the court to dismiss the claims, maintaining that the funds were reasonably suspected to be proceeds of fraud.
After reviewing the evidence, the court ruled in favour of the EFCC, ordering the final forfeiture of the $13 million to the Federal Government.
The judgment reinforces ongoing efforts by anti-corruption agencies to recover funds linked to suspected financial crimes and ensure accountability in the management of public resources.
