Justice Emeka Nwite of the Federal High Court in Abuja has ordered the final forfeiture of $13 million traced to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government of Nigeria.
In a ruling delivered on Wednesday, March 25, 2026, the judge held that the Economic and Financial Crimes Commission (EFCC) proved the funds were proceeds of unlawful activities.
He dismissed the company’s application to reclaim the money, describing its explanation as unsubstantiated.
The court rejected claims that the $13 million came from legitimate business earnings or personal gifts to Aisha Achimugu.
Justice Nwite noted that neither Achimugu nor any alleged donors appeared in court to testify.
“The burden to establish genuine ownership of the money was not discharged,” the judge ruled.
Backgroung
The case stemmed from EFCC investigations revealing that Oceangate allegedly used suspected illicit funds to acquire two oil blocks, deep offshore PPL 302 and shallow water PPL 3007 by paying signature bonuses.
While the company remitted about $20 million in total (including $7 million via Providus Bank), the EFCC traced $13 million as laundered through unlicensed bureau de change operators and intermediaries.
Part of the funds reportedly originated from diverted Lagos State Government contractor payments with no genuine business link to Oceangate.
In August 2025, Justice Nwite granted an interim forfeiture order and directed the EFCC to publish a notice inviting interested parties to show cause why the funds should not be permanently forfeited.
Oceangate, through director Iliya Wakil, argued the money was legitimate company earnings and gifts, but the court found these claims unsupported by evidence.
Significance
The final forfeiture is another win for the EFCC in recovering suspected proceeds of economic crimes in the oil and gas sector. The $13 million will now be permanently handed over to the Federal Government.
Aisha Achimugu, Group Chief Executive Officer of Oceangate and a prominent Lagos socialite, has not issued any public statement on the judgment as of press time.
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