Achimugu: Court Orders Final Forfeiture of $13m Linked to Lagos Socialite, Firm
A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to Lagos socialite, Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Limited, to the Federal Government.
Delivering judgment on Wednesday, Justice Emeka Nwite held that the Economic and Financial Crimes Commission (EFCC) had sufficiently established that the funds were proceeds of unlawful activities.
The court dismissed a suit filed by Oceangate Engineering Oil & Gas Limited seeking to reclaim the money, ruling that the company failed to provide credible evidence on how the funds were legitimately acquired.
Justice Nwite rejected the claim that the $13 million constituted gifts received by Achimugu, noting that neither the businesswoman nor any alleged donors appeared before the court to substantiate the claim.
“The burden to prove lawful ownership of the funds was not discharged by the applicant,” the judge held, adding that the EFCC had met the legal threshold for the forfeiture of assets linked to illicit activities.
The court further observed that Oceangate failed to demonstrate any business transactions or contractual engagements that could justify the source of the funds. It also noted the absence of evidence showing payments made to the company by any clients.
The ruling followed an earlier interim forfeiture order granted on August 22, 2025, after the EFCC presented intelligence suggesting that the funds were linked to suspicious financial activities.
According to an affidavit deposed to by EFCC investigator, Usman Aliyu, the commission uncovered a complex financial network involving the movement of large sums of money through multiple channels, including cash transactions outside the formal banking system.
The investigation revealed that Oceangate participated in the acquisition of oil blocks—PPL 302 and PPL 3007—requiring financial obligations exceeding $37 million.
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Aliyu alleged that part of the funds used for the transactions, including the $13 million in dispute, were sourced through unregulated channels involving Bureau de Change operators and intermediaries who handled large cash movements without proper documentation.
He further stated that individuals, including Suleiman Muhammed Chiroma, Dantani Abubakar Hassan, and Tirmizi Muhammed Usman, were engaged to facilitate the movement of funds suspected to be proceeds of unlawful activities.
The EFCC also traced transactions amounting to over ₦2.4 billion through accounts linked to Ashrab Energy and Oil Services Limited, which were allegedly converted into foreign currency and channelled into Oceangate’s accounts for payment of signature bonuses for the oil blocks.
The commission maintained that there were no verifiable business relationships between Oceangate and the contractors who transferred the funds, raising further suspicion about the legitimacy of the transactions.
In its defence, Oceangate, through one of its directors, Iliya Wakil, argued that the funds were derived from legitimate business earnings and personal gifts to Achimugu. The company also denied involvement in any unlawful dealings, insisting that it relied on a licensed Bureau de Change operator for sourcing foreign exchange.
However, the EFCC countered that Wakil was merely a nominal director without ownership stake in the company and acted under instructions from Achimugu.
The commission further described Oceangate as a shell entity used to acquire petroleum assets with funds suspected to be illicit, adding that its investigations showed the company had not engaged in any verifiable oil and gas operations.
Justice Nwite, in his ruling, upheld the EFCC’s position, affirming that the evidence presented established that the funds were proceeds of unlawful activity and should be forfeited to the Federal Government.
Legal observers say the judgment strengthens ongoing efforts to enforce accountability and recover illicit assets within Nigeria’s oil and gas sector.
The ruling also follows an earlier forfeiture of $7 million linked to the same company, which the court ordered in September 2025 after no valid claimant emerged.
By PRNigeria
