Court orders final forfeiture of $13m linked to Achimugu, firm
CHIGOZIE AMADI
A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, after ruling that the funds were proceeds of unlawful activities.
Delivering judgment on Wednesday, Justice Emeka Nwite held that the Economic and Financial Crimes Commission (EFCC) successfully established that the money in question was tied to fraudulent dealings.
The ruling followed a suit filed by the anti-graft agency challenging the ownership of the funds, which it said could not be traced to any legitimate source of income.
In his decision, Justice Nwite dismissed claims by Oceangate that the $13 million represented gifts received by Achimugu.
The court noted that the businesswoman failed to appear before it to substantiate the claim, while none of the alleged donors was presented to testify.
The judge further observed that the company did not disclose any verifiable business transactions capable of generating such funds, nor did it provide evidence of payments from clients or customers.
He ruled that the firm failed to discharge the legal burden required to prove lawful ownership of the money.
The court had earlier granted an interim forfeiture order on August 22, 2025, directing the EFCC to publish the order and invite interested parties to show cause within 14 days why the funds should not be permanently forfeited. No convincing claims were presented within that period.
In an affidavit supporting the application, EFCC investigator Usman Aliyu disclosed that the commission acted on intelligence reports linking the funds to suspicious transactions.
According to him, the $13 million was used to pay signature bonuses for oil blocks PPL 302 and PPL 3007 acquired through the Nigerian Upstream Petroleum Regulatory Commission.
Aliyu further revealed that part of the money originated from funds disbursed by a state government to contractors for public projects, but was later diverted to Oceangate despite no contractual relationship.
He also described the company as a shell entity created to warehouse petroleum assets acquired with illicit funds.
The EFCC also challenged the credibility of Iliya Wakil, who deposed to an affidavit on behalf of the firm.
The commission argued that Wakil was merely a nominal director without shareholding and an employee of another company linked to Achimugu.
According to the EFCC, Wakil admitted acting on Achimugu’s instructions, raising further doubts about the company’s claims of legitimacy.
Despite Oceangate’s insistence that the funds were derived partly from legitimate business activities and gifts, the court found the explanations insufficient and upheld the EFCC’s request for final forfeiture.
