Businesswoman Achimugu Protests EFCC’s Bid to Forfeit $13m

The Federal High Court in Abuja has fixed March 25 to deliver a ruling on an application by the Economic and Financial Crimes Commission seeking the final forfeiture of $13 million allegedly linked to Oceangate Engineering Oil & Gas Ltd, a firm associated with businesswoman Aisha Achimugu.

Justice Emeka Nwite adjourned the matter for ruling after the Federal Director of Public Prosecutions and EFCC counsel, Rotimi Oyedepo (SAN), alongside counsel to Oceangate, Darlington Ozurumba, adopted their written submissions and presented arguments for and against the application.

The EFCC is asking the court to permanently forfeit the funds to the Federal Government, alleging that the money represents proceeds of unlawful activity.

The court had earlier, on August 22, 2025, granted an ex parte application for the interim forfeiture of the $13 million and directed the EFCC to publish the order in a national newspaper, inviting interested parties to show cause within 14 days.

In an affidavit supporting the application, an EFCC investigator, Usman Aliyu, said the commission acted on intelligence suggesting that Oceangate used suspected illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission. He stated that the company, incorporated in 2005, participated in the 2024 oil licensing round for Deep Offshore PPL 302 and Shallow Water PPL 3007 and emerged as a successful bidder.

According to Aliyu, Oceangate’s total financial obligation to the Federal Government before the issuance of the licences stood at over $37 million. He said the company made several dollar payments through its Zenith Bank account, while Providus Bank later transferred $7 million to the government on its behalf in March 2025. Investigations allegedly showed that between March 20 and April 3, 2025, the company paid a total of $20 million for the two oil blocks.

The investigator alleged that to meet signature bonus requirements, Oceangate conspired with unlicensed Bureau de Change operators and some bank officials to retain and transfer $13 million suspected to be illicit. He claimed that cash payments were collected in Abuja and Lagos without passing through financial institutions and were later used to meet payment obligations.

Aliyu further alleged that funds traced to Lagos State contractors were channelled through bank accounts linked to Ashrab Energy, converted to dollars, and transferred to Oceangate. He maintained that the $13 million did not arise from any legitimate business activity of the company but was reasonably suspected to be proceeds of unlawful conduct.

Oceangate opposed the application in an affidavit sworn to by one of its directors, Iliya Wakil, who urged the court to vacate the interim forfeiture order. Wakil argued that the funds were derived from legitimate earnings and personal gifts to the company’s Group Chief Executive Officer, Dr Aisha Achimugu, and denied any conspiracy with unlicensed BDC operators.

He maintained that Suleiman Muhammed Chiroma was a licensed BDC operator lawfully engaged by the company and denied any business relationship with Ashrab Energy, Tripple A & Tee Oil Nigeria Limited, or their representatives.

In its response, the EFCC urged the court to dismiss Oceangate’s application, describing Wakil as a nominal director acting on Achimugu’s instructions. The commission alleged that Wakil drew his salary from another company owned by Achimugu and described Oceangate as a shell entity created to hold petroleum assets allegedly acquired with illicit funds.

The EFCC also questioned the credibility of the audit report relied upon by Oceangate, claiming the auditor admitted he did not review the company’s bank statements. The investigator further alleged that Achimugu exercised significant control over the company and that Oceangate had not executed any contracts in either the public or private sector.

Justice Nwite adjourned the matter until March 25 for ruling.