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Final Forfeiture: Court Orders Seizure Of $13m Linked To Achimugu’s Firm

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Justice Emeka Nwite of the Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, bringing to a close a high-stakes legal battle over the origin of the funds.

The ruling, delivered on Wednesday, March 25, 2026, followed an application by the Economic and Financial Crimes Commission (EFCC), which argued that the money was proceeds of fraud and unlawful activities.

In his judgment, Justice Nwite held that Oceangate failed to convincingly explain how the funds were acquired. He agreed with the EFCC’s position that the $13 million could not be traced to any legitimate business activity and should therefore be forfeited to the Federal Government.

The court dismissed the company’s claim that the funds were partly gifts received by Achimugu, noting that neither the alleged donors nor the businesswoman herself appeared before the court to substantiate the claim.

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“The burden of proof was not discharged,” the judge ruled, stressing that no credible evidence was presented to counter the EFCC’s findings. He further observed that the company did not demonstrate any verifiable business transactions or payments from clients that could justify such a sum.

The decision follows an earlier interim forfeiture order granted on August 22, 2025, when the court directed the EFCC to publish a public notice inviting interested parties to show cause why the funds should not be permanently seized. No satisfactory response was received within the stipulated time.

According to court filings, EFCC investigator Usman Aliyu told the court that the commission acted on intelligence indicating that Oceangate used funds suspected to be illicit to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), specifically for PPL 302 and PPL 3007.

Aliyu further alleged that part of the money originated from public funds transferred by contractors working for Lagos state government, despite the absence of any contractual relationship between those contractors and Oceangate. He maintained that the transactions raised serious red flags and pointed to money laundering.

In challenging Oceangate’s defence, the EFCC also questioned the credibility of the company’s representative, Iliya Wakil, who deposed to its affidavit. The commission described him as a nominal director with no shareholding and an employee of another company owned by Achimugu.

Wakil, according to the EFCC, admitted during investigations that he took instructions directly from Achimugu and had no independent role within Oceangate. He was also said to have confirmed that he never received any salary from the company.

The anti-graft agency ultimately described Oceangate as a shell entity allegedly used to warehouse petroleum assets acquired with tainted funds—an assertion the court found persuasive.

With the final forfeiture order, the $13 million is now to be permanently transferred to the Federal Government, marking a significant victory for the EFCC in its ongoing crackdown on financial crimes.
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