The Federal High Court in Abuja on Wednesday, March 25, 2026, ordered the final forfeiture of $13 million linked to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
The case was brought before the court by the Economic and Financial Crimes Commission, which challenged the ownership of the funds, alleging that they were proceeds of fraud and other unlawful activities.
Delivering judgment, Justice Emeka Nwite ruled that the company failed to demonstrate that the money was legitimately obtained. He held that the EFCC had sufficiently proven that the funds were derived from unlawful activities and should therefore be forfeited to the government.
The court also rejected claims that the $13 million consisted of gifts to Achimugu, noting that she did not appear in court to substantiate the claim. Additionally, no witnesses were presented to confirm that such gifts were given.
Justice Nwite further observed that the company did not provide evidence of business transactions that could have generated the funds, nor did it submit proof of payments from clients.
The court had previously issued an interim forfeiture order on August 22, 2025, directing the EFCC to publish the notice for any interested party to show cause within 14 days why the funds should not be permanently forfeited.
In an affidavit presented to the court, EFCC investigator Usman Aliyu stated that the commission acted on intelligence suggesting that Oceangate Engineering used suspected illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
He explained that the $13 million, used for signature bonuses tied to oil assets, did not originate from legitimate business income but from funds believed to be linked to unlawful activities.
Aliyu further revealed that part of the money was traced to funds transferred by a state government to contractors for projects, noting that the contractors had no business relationship with Oceangate and were neither investors nor shareholders in the company.
In its defence, Oceangate urged the court to reject the final forfeiture request, maintaining that the funds were partly from legitimate business operations and partly gifts to its Group Chief Executive Officer.
However, the EFCC countered the claim and asked the court to dismiss the company’s application.
Justice Nwite ultimately upheld the EFCC’s position and ordered the permanent forfeiture of the $13 million to the Federal Government.
What you should know
The Federal High Court has ordered the forfeiture of $13 million linked to Aisha Achimugu and her company after ruling the funds were proceeds of unlawful activities.
The EFCC presented evidence suggesting the money was tied to suspicious transactions, including funds traced to contractors without business links to the company. The court dismissed claims that the money came from gifts or legitimate earnings due to lack of proof.
This case highlights ongoing anti-corruption efforts and the judiciary’s role in enforcing financial accountability in Nigeria.
