After concluding that the money was the fruits of illegal activity, a Federal High Court in Abuja ordered the final forfeiture of $13 million associated with businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd.
The Economic and Financial Crimes Commission (EFCC) convincingly demonstrated that the money in question was connected to illicit transactions, according to Justice Emeka Nwite’s ruling on Wednesday.
The decision came after the anti-graft agency filed a lawsuit contesting who owned the money, claiming it could not be linked to any legal source of income.
In his ruling, Justice Nwite rejected Oceangate’s allegations that Achimugu had received gifts totaling $13 million.
The court observed that none of the purported donors was called to testify, and the entrepreneur did not show up to support the claim.
The judge further noted that the company failed to give proof of client or customer payments, nor did it reveal any verifiable business transactions that could have produced such monies.
He decided that the company had not fulfilled the legal obligation to establish the money’s legitimate ownership.
On August 22, 2025, the court issued an interim forfeiture order, ordering the EFCC to publish the order and provide interested parties 14 days to provide justification for why the cash shouldn’t be permanently forfeited. During that time, no strong arguments were made.
Usman Aliyu, an EFCC investigator, said in an affidavit supporting the motion that the commission took action in response to intelligence inputs that connected the cash to questionable activities.
He claims that the $13 million was utilized to cover signature bonuses for PPL 302 and PPL 3007 oil blocks that were obtained via the Nigerian Upstream Petroleum Regulatory Commission.
Aliyu further disclosed that a portion of the money came from monies given to contractors for public projects by a state government, but it was later transferred to Oceangate even though there was no formal contract.
Additionally, he characterized the business as a shell firm established to store petroleum assets obtained through illegal means.
Iliya Wakil, who testified in an affidavit on behalf of the company, was also questioned by the EFCC over her veracity.
The commission contended that Wakil was an employee of another Achimugu-affiliated company and only a nominal director with no ownership stake.
The EFCC claims that Wakil acknowledged following Achimugu’s orders, casting further doubt on the company’s legitimacy claims.
The court deemed the reasons inadequate and upheld the EFCC’s motion for final forfeiture, notwithstanding Oceangate’s insistence that the money came from gifts and legitimate commercial activity.
