- Court Orders Final Forfeiture of $13m Linked to Aisha Achimugu, Oceangate
- Judge rules funds proven proceeds of fraud, unlawful activities
- EFCC investigation links money to suspicious oil block transactions
A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to Lagos socialite, Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
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EKO HOT BLOG reports that delivering judgment on Wednesday, Justice Emeka Nwite held that the funds were proceeds of fraud and unlawful activities, as established by the Economic and Financial Crimes Commission (EFCC).
The ruling followed a suit filed by Oceangate seeking to reclaim the funds. However, the court found that the company failed to justify the source of the money. Justice Nwite ruled that the firm “failed woefully” to explain how it came about the $13 million.
The court also dismissed the company’s claim that the funds were gifts received through Achimugu, noting that neither Achimugu nor any alleged donors appeared before the court to support the claim. “No single person who gave the monetary gift… was called to testify,” the judge stated.
According to the court, the burden of proof rested on the applicant, but Oceangate failed to show any legitimate business activity that generated the funds or provide evidence of payments from customers.
The case originated from an interim forfeiture order granted on August 22, 2025, after an ex parte application by the EFCC. The commission was directed to publish the order, inviting interested parties to show cause within 14 days why the funds should not be permanently forfeited.
In its investigation, the EFCC alleged that the funds were linked to suspicious transactions involving the acquisition of oil blocks. It claimed that Oceangate used illicit channels, including cash movements through Bureau de Change operators and intermediaries, to raise and transfer the funds.
The commission further maintained that the money did not originate from any lawful business activity, insisting that the transactions lacked transparency and legitimate backing.
Oceangate, in its defence, denied involvement in any unlawful dealings and insisted that the funds were sourced from legitimate business earnings and foreign exchange transactions handled by a licensed operator. The company also challenged the interim forfeiture order, arguing that it violated its right to fair hearing.
However, the EFCC countered that the company’s claims were untenable, describing Oceangate as a shell entity allegedly used to channel illicit funds for oil asset acquisition. It also questioned the credibility of the firm’s audit report, stating that it was not based on verified financial records.
After reviewing all submissions, Justice Nwite upheld the EFCC’s position and ordered the final forfeiture of the $13 million to the Federal Government, bringing the case to a close.
