Justice Emeka Nwite of the 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.
In a judgment delivered on Wednesday, March 25, the court held that the funds were proven by the Economic and Financial Crimes Commission to be proceeds of fraud and unlawful activities.
Justice Nwite, while delivering judgment in a suit filed by Oceangate to reclaim the money, ruled that the company failed to justify the source of the funds.
He held that the firm “failed woefully” to establish how it came about the $13 million.
On the contrary, the judge said the EFCC met all legal requirements to classify the funds as proceeds of fraud and to warrant their forfeiture.
The court dismissed claims by the company that the money was a gift received through Achimugu.
Justice Nwite noted that Achimugu did not appear before the court to show cause why the funds should not be forfeited.
He further observed that none of the alleged donors of the $13 million appeared to testify.
“No single person who gave the monetary gift… was called to testify,” the judge stated.
The court stressed that the burden of proving legitimate ownership rested on the applicant but was not discharged.
According to the judge, Oceangate failed to show any business activity that generated the funds and could not present evidence of payments from customers.
He held that the company’s inability to establish genuine ownership strengthened the EFCC’s claim that the money was illicit.
The court recalled that on August 22, 2025, it granted an interim forfeiture order after an ex parte application by the EFCC.
Justice Nwite had directed the commission to publish the order in a national daily, inviting interested persons to show cause within 14 days why the funds should not be permanently forfeited.
In an affidavit deposed to by EFCC investigator, Usman Aliyu, the commission detailed how the funds were allegedly linked to unlawful activities.
Aliyu said the EFCC received credible intelligence that Oceangate used suspicious funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
He disclosed that the company, registered with the Corporate Affairs Commission in 2005, participated in the 2024 oil block licensing bid for deep offshore PPL 302 and shallow water PPL 3007.
According to him, the company emerged a winning bidder and was required to meet financial obligations totalling $37.2 million before licences could be issued.
Aliyu told the court that Oceangate made several payments to the Federal Government through its Zenith Bank account in tranches of $1.1 million, $1.1 million, $3.8 million, $1.2 million, $3.05 million, $2.1 million, and $500,000.
He added that on March 27 and 28, 2025, Providus Bank Limited transferred an additional $7 million on behalf of the company.
Evidence of the transactions, he said, was obtained through the Central Bank of Nigeria.
He further stated that between March 20 and April 3, 2025, the company paid a total of $20 million for the acquisition of the oil blocks.
Alleged Use Of Cash Couriers
The EFCC alleged that to meet payment obligations, the company resorted to illicit channels.
Aliyu claimed that Oceangate conspired with unlicensed Bureau de Change operators and bank officials to move $13 million outside formal banking systems.
“That one Suleiman Muhammed Chiroma was procured… to collect… in cash… the total sum of $13,000,000.00,” the affidavit stated.
He added that Chiroma, alongside associates, handled about $9 million in cash for the payment of signature bonuses for the oil blocks.
The investigator further alleged that part of the funds originated from contractors executing projects for the Lagos State Government.
According to him, Dantani Abubakar Hassan used accounts belonging to Ashrab Energy and Oil Services Limited in Zenith Bank and Access Bank to receive over N2.45bn from such contractors.
“That… Dantani Abubakar used his company… to receive and retain the total sum of N855,057,560… reasonably suspected to be proceeds of unlawful activity,” the affidavit added.
Aliyu said the total funds were converted to US dollars and transferred into Oceangate’s account for payment of signature bonuses for PPL 302 and PPL 3007.
The EFCC maintained that there was no legitimate relationship between Oceangate and the contractors whose funds were allegedly routed to the company.
The investigator told the court that the contractors were neither investors, directors, nor shareholders in Oceangate.
He insisted that the $13 million used for the oil block payments “were not proceeds of any lawful and legitimate business but rather… proceeds of unlawful activity.”
Oceangate Challenges Forfeiture
In its affidavit to show cause, sworn by one of its directors, Iliya Wakil, Oceangate urged the court not to make the interim forfeiture order permanent.
The company maintained that the $13 million used to pay signature bonuses for Deep Offshore PPL 302 and Shallow Water PPL 3007 between March 20 and April 3, 2025, was derived partly from legitimate business earnings and partly from gifts given to its Group Chief Executive Officer, Achimugu.
It denied any involvement in unlawful financial dealings.
“The company did not conspire with any unregistered BDC operators and bank officials to retain and transfer the sum… which had anything to do with unlawful activity,” Wakil stated.
Oceangate specifically defended Suleiman Chiroma, who was mentioned in the EFCC’s investigation.
According to Wakil, Chiroma is a licensed Bureau de Change operator lawfully engaged to source the US dollars required for payment of the oil block signature bonuses.
He insisted that Chiroma acted independently.
“He acted fully independently and without any form of control by Oceangate Limited,” Wakil added.
The company also distanced itself from individuals and firms named in the EFCC’s affidavit.
Wakil told the court that Oceangate had no dealings with Dantani Abubakar Hassan or his company, Ashrab Energy and Oil Services Limited.
He further denied any relationship with Tirmizi Muhammed Usman and Tripple A & Tee Oil Nigeria Limited.
“The company had never met, dealt with or transacted with any of the persons mentioned… in any manner whatsoever,” he said.
Oceangate maintained that all naira converted into dollars for the transactions came from legitimate sources.
It said it relied on Chiroma’s expertise as a licensed BDC operator to source the foreign exchange and attached its audited accounts as evidence.
The company also filed a motion on notice seeking to set aside the interim forfeiture order, arguing that it was made without jurisdiction and in breach of its right to fair hearing.
EFCC Counters Defence
In its reply, the EFCC urged the court to dismiss Oceangate’s application, describing its claims as untenable.
EFCC investigator, Usman Aliyu, who deposed to a counter-affidavit, alleged that Wakil was merely a nominal director without any shareholding in the company.
He stated that Wakil was an employee of Felak Concept Group Limited, another company linked to Achimugu, and had worked there since 2000.
Aliyu said Wakil admitted holding several roles, including Manager Admin and General Manager Admin and Finance, and that he received salaries from Felak Concept and WishWhich Koncept Limited, not Oceangate.
The EFCC further claimed that Wakil admitted he acted based on instructions from Achimugu.
According to Aliyu, Wakil stated in his extra-judicial statement that he received directives from Achimugu and passed them on to Chiroma via telephone.
Aliyu described Oceangate as “a briefcase/shell company” allegedly used to acquire petroleum assets with illicit funds.
“Hence, describing the company as ‘a professional oil and gas consortium…’ is nothing but describing the devil as an angel of light,” he stated.
He alleged that the company’s modus operandi was to acquire petroleum-related assets using tainted funds.
Audit Report Discredited
The commission also challenged the credibility of the company’s audit report.
Aliyu disclosed that the auditor, Godwin Ukah, admitted he did not review Oceangate’s account statements before preparing the report.
He added that Ukah relied solely on a memorandum of understanding rather than the company’s financial records.
The auditor also reportedly admitted that Oceangate had not generated income from oil and gas operations.
Aliyu further told the court that Achimugu, in her extra-judicial statement, admitted having the most significant control over Oceangate.
He added that she acknowledged that the company had not executed any contracts in either the public or private sector.
“Oceangate Oil & Gas Limited does not do contract for now nor has it carried out any contract,” he quoted her as saying.
After reviewing the submissions, Justice Nwite upheld the EFCC’s position, ruling that the company failed to prove legitimate ownership of the funds.
He consequently ordered the final forfeiture of the $13 million to the Federal Government.
The judge had earlier, on September 15, 2025, ordered the forfeiture of $7 million recovered from a Providus Bank Limited account in Ikoyi, Lagos, after no claimant came forward.
Meanwhile, Felak Concept Group Limited had issued a statement distancing its GCEO, Achimugu, and Oceangate from the controversial $7 million transaction.
The latest ruling, however, reinforces the EFCC’s stance on the disputed $13 million, bringing the protracted legal battle to a close.
