By Nkechi Eze
The Federal High Court in Abuja has granted a final forfeiture order for $13 million linked to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, ruling that the funds are proceeds of unlawful activity and must be remitted to the federal government.
Justice Emeka Nwite delivered the ruling on Wednesday, March 25, 2026, following a suit instituted by Oceangate to reclaim the funds. The judge held that the company failed to provide credible evidence tracing the origin of the $13 million, dismissing claims that the funds were gifts received by Achimugu.
Justice Nwite noted that Achimugu did not appear in court to justify the ownership of the money and that no donor testified to substantiate the alleged gifts. The court further observed that the company could not demonstrate any legitimate business transactions or payments that could account for the funds.
The case traces back to August 22, 2025, when the court initially granted EFCC an interim forfeiture order for the $13 million. The Economic and Financial Crimes Commission (EFCC) argued that Oceangate acquired the funds without following due process, using monies suspected to be proceeds of unlawful activity to pay signature bonuses for oil blocks PPL302 and PPL3007.
EFCC investigator Usman Aliyu swore an affidavit explaining that part of the $13 million originated from state government funds transferred to contractors, who in turn funneled the money to Oceangate without any contractual or business relationship. Aliyu also revealed that Iliya Wakil, who swore an affidavit on behalf of Oceangate, was merely a nominal director with no shareholding in the company and had been employed by other entities controlled by Achimugu.
Aliyu described Oceangate as a shell company used to acquire petroleum-related assets with funds suspected to be proceeds of fraud, dismissing the company’s claim of being a legitimate oil and gas consortium.
Oceangate’s application to prevent the forfeiture was rejected, and the court’s ruling affirms EFCC’s investigation that the $13 million was derived from illegitimate sources. The final forfeiture marks a significant legal victory for the federal government in its ongoing efforts to recover assets obtained through fraudulent means.
