Justice Emeka Nwite of the Federal High Court in Abuja has granted an order of final forfeiture of $13 million linked to socialite and businesswoman Ms Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the federal government.
The order was granted on Wednesday, March 25, 2026, following the EFCC’s case against Achimugu’s company over ownership of the $13 million, which was suspected to be proceeds of fraud.
The Commission disclosed the development in a statement on its official X handle (formerly Twitter).
Delivering judgment in a suit instituted by Oceangate Engineering Oil & Gas Ltd to claim the funds, Justice Nwite held that the company failed to establish how the money was acquired.
He stressed that the EFCC successfully convinced the court that the funds were proceeds of fraud and should be forfeited to the government.
The judge dismissed claims that the $13 million represented gifts to Achimugu, noting that she did not appear in court to show cause why the funds should not be forfeited.
Justice Nwite equally held that no individual who allegedly gave the funds as gifts was called to testify.
He emphasised that the applicant failed to establish genuine ownership of the money to counter the EFCC’s claim that the funds were proceeds of fraud.
The judge disclosed that Oceangate Engineering Company did not provide evidence of any business activities that earned the money, nor did it show whether it received any payment from its customers.
Justice Nwite, on August 22, 2025, granted the EFCC an interim order forfeiting the $13 million linked to Oceangate to the government. He also directed the Commission to publish the order in a national daily for interested persons to show cause within 14 days why the funds should not be permanently forfeited.
Justifying the forfeiture moves, EFCC investigator, Usman Aliyu, swore to an affidavit, stating that the Commission acted on intelligence that showed that Oceangate Engineering Limited, without following due process, used funds reasonably suspected to be proceeds of unlawful activity to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Aliyu maintained that the $13 million used by Oceangate to pay for the signature bonuses in respect of PPL302 and PPL3007 were not proceeds of any lawful and legitimate business but rather represents funds reasonably suspected to be proceeds of unlawful activity.
He revealed that part of the funds used by Oceangate Engineering Oil and Gas Limited to pay for the signature bonuses in respect of PPL 302 & PPL 3007 was derived from the huge sum of money transferred by a state government to the contractors for the execution of contracts for the benefit of the state.
The investigator alleged that there were never any contractual or business relationships between Oceangate and the contractors who transferred the aforementioned public funds to the account of Oceangate Engineering. He further mentioned that the contractors who transferred the public funds to Oceangate were neither investors, directors, nor shareholders in the company.
However, Oceangate, in its affidavit prayed the court not to grant an order of final forfeiture of the funds, arguing that the money was derived partly from the company’s legitimate earnings and partly from gifts given to its Group Chief Executive Officer (GCEO), Aisha Achimugu.
In its reply, the anti-graft agency urged the court to dismiss the application.
Aliyu, who swore the affidavit on behalf of the EFCC, said that the Commission found that Iliya Wakil, who swore to Oceangate’s affidavit, was merely a nominal director with no shareholding in the company.
According to him, Wakil was an employee of Felak Concept Group Limited, also owned by Achimugu, which was incorporated on May 5, 2000.
The investigator affirmed that Wakil admitted in his extrajudicial statement to his team on April 15, 2025, that he had worked with Felak Concept from 2000 to date.
He said Wakil also admitted that he held several positions, including Manager, Administration; General Manager, Administration and Finance; and currently Group General Manager, Administration and Finance.
Aliyu said Wakil further stated that he consistently received his monthly salary from Felak Concept and WishWhich Koncept Limited.
He added that there was no record of Wakil receiving any salary from Oceangate.
The officer emphasised that Wakil admitted in his extrajudicial statement that he received all instructions from Ms Achimugu, the GCEO, and subsequently relayed the same instructions to Mr Chiroma via telephone.
Aliyu described Oceangate as “a briefcase/shell company created as a vehicle for the purpose of holding petroleum-related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”
“Hence, describing the company as ‘a professional oil and gas consortium, operating in diverse sectors of the oil and gas sectors of the Nigerian economy,’ is nothing but describing the devil as an angel of light,” he wrote.
He further alleged that Oceangate’s modus operandi is to acquire “petroleum-related assets with tainted funds.”
