Court Orders Final Forfeiture of $13m Linked to Achimugu’s Firm

Court Orders Final Forfeiture of $13m Linked to Achimugu’s Firm

JOEL OLADELE, Abuja

A 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, to the Federal Government.

Delivering judgment on Wednesday, Justice Emeka Nwite held that the funds were proceeds of unlawful activities, ruling in favour of the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency had approached the court to establish ownership of the funds, which it alleged were linked to fraudulent transactions.

In his ruling, the judge said the company failed to provide credible evidence explaining how it legitimately acquired the money. He noted that the burden of proof rested on the firm but was not satisfactorily discharged.

Justice Nwite further dismissed claims that the funds were gifts to Achimugu, pointing out that neither the businesswoman nor any alleged donor appeared before the court to substantiate the claim.

The court also observed that the company failed to demonstrate any business transactions or client payments that could justify the inflow of such a large sum.

The ruling followed an earlier interim forfeiture order granted on August 22, 2025, which directed the EFCC to publish the notice for interested parties to show cause why the funds should not be permanently forfeited.

In an affidavit filed before the court, an EFCC investigator, Usman Aliyu, said the commission acted on intelligence linking the funds to suspected unlawful activities, including the acquisition of oil blocks without due process.

According to him, the $13 million was used to pay signature bonuses for oil assets, specifically PPL 302 and PPL 3007, and was traced to transfers made by contractors handling state government projects.

He alleged that there were no legitimate business relationships between the contractors and Oceangate, describing the transactions as suspicious.

The investigator further characterised the company as a shell entity allegedly used to hold petroleum assets acquired with questionable funds.

However, Oceangate had urged the court to reject the forfeiture application, maintaining that the money was derived from legitimate business earnings and personal gifts to its chief executive.

The EFCC, in response, asked the court to dismiss the company’s claims, arguing that its investigation showed otherwise.

With the ruling, the court affirmed the permanent forfeiture of the funds to the Federal Government, marking a significant outcome in the anti-corruption agency’s ongoing efforts to recover proceeds of alleged financial crimes.