By Ghazali Ibrahim
A Federal High Court in Abuja has taken steps toward the final forfeiture of $13 million linked to Aisha Achimugu’s company, Oceangate Engineering Oil & Gas Limited, following allegations that the funds were derived from unlawful activities.
The forfeiture process stems from an application filed by the Economic and Financial Crimes Commission (EFCC), which argued that the funds should be permanently seized by the Federal Government.
Justice Emeka Nwite had earlier granted an interim forfeiture order in August 2025 and subsequently directed that the case be publicised to allow interested parties to contest the seizure.
At the resumed hearing on Wednesday, the court considered arguments from both the EFCC and Oceangate before moving toward a final decision on the funds.
According to the EFCC, investigations revealed that the $13 million was part of funds used by Oceangate to pay signature bonuses for oil licences, but were “not proceeds of any lawful and legitimate business.”
The anti-graft agency alleged that the money was sourced through suspicious cash transactions involving intermediaries and unregulated channels, including funds traced to contractors linked to public projects.
Oceangate, however, opposed the forfeiture, insisting that the funds were legitimately obtained through business earnings and contributions to the company’s leadership. The firm denied any wrongdoing and urged the court to set aside the interim forfeiture order.
The case is part of a broader investigation into financial flows connected to oil block acquisitions, with the EFCC maintaining that the transactions violated due process.
The court’s move toward final forfeiture marks a significant development in the dispute, with implications for regulatory oversight in Nigeria’s oil and gas sector.
