The final forfeiture of $13 million associated with businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd., was imposed by a Federal High Court in Abuja after the court determined that the money was the fruits of illegal activity.
In her ruling on Wednesday, Justice Emeka Nwite concluded that the Economic and Financial Crimes Commission (EFCC) had proven the money in question was connected to illegal activities.
The decision came after the anti-graft agency filed a lawsuit contesting the funds’ ownership, claiming they could not be linked to any reputable source of revenue.
In his ruling, Justice Nwite rejected Oceangate’s arguments that Achimugu had received gifts totaling $13 million.
The court observed that none of the purported funders were called to testify, and the entrepreneur did not show up to support the allegation.
The judge also noted that the company failed to present proof of payments from clients or consumers, nor did it reveal any verifiable business transactions capable of producing such sums.
According to his ruling, the company did not meet its legal obligation to demonstrate that the funds were legally owned.
On August 22, 2025, the court issued an interim forfeiture order, ordering the EFCC to publish the ruling and give interested parties 14 days to provide justification for why the money shouldn’t be permanently forfeited. There were no compelling arguments made during that time.
Usman Aliyu, an EFCC investigator, said in an affidavit supporting the application that the agency took action based on intelligence reports connecting the cash to questionable transactions.
He claims that PPL 302 and PPL 3007, two oil blocks obtained through the Nigerian Upstream Petroleum Regulatory Commission, received signature bonuses from the $13 million.
Aliyu further disclosed that a portion of the cash came from money given to contractors for public projects by a state government, but they were later transferred to Oceangate even though there was no formal contract.
Additionally, he explained that the business was established as a shell company to store petroleum assets that were obtained using illegal monies.
Additionally, Iliya Wakil, who testified in an affidavit on behalf of the company, had her veracity called into question by the EFCC.
The commission contended that Wakil was only an employee of another Achimugu-affiliated company and a nominal director with no shareholding.
Wakil acknowledged carrying out Achimugu’s orders, according to the EFCC, casting further doubt on the business’s legitimacy claims.
The EFCC’s plea for final forfeiture was upheld by the court, notwithstanding Oceangate’s assertion that the money came in part from gifts and lawful commercial operations.
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