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

T The Economic and Financial Crimes Commission (EFCC) has secured a major legal victory as the Federal High Court in Abuja ordered the final forfeiture of $13 million linked to a company owned by businesswoman Aisha Achimugu.

Delivering judgment on Wednesday, March 25, 2026, Justice Emeka Nwite ruled that the funds tied to Oceangate Engineering Oil & Gas Ltd were proceeds of unlawful activities and should be permanently forfeited to the Federal Government.

The case stemmed from a suit filed by Oceangate Engineering Oil & Gas Ltd, which sought to reclaim the $13 million. However, the court held that the company failed to provide credible evidence to justify the source of the funds.

Justice Nwite noted that the EFCC successfully established that the money was linked to fraudulent activities, stressing that the company “failed woefully” to demonstrate legitimate ownership. He also dismissed claims that the funds were gifts to Achimugu, pointing out that neither the businesswoman nor any alleged donors appeared in court to substantiate the claim.

“The burden of proof lies with the applicant, which was not discharged,” the judge ruled, adding that no evidence was presented to show any business transactions or payments that could have generated such funds.

The court further observed that Oceangate did not provide details of any contracts executed or clients that paid the said amount, weakening its defence against the EFCC’s allegations.

The ruling followed an earlier interim forfeiture order granted on August 22, 2025, which directed the anti-graft agency to publish notices inviting interested parties to show cause why the funds should not be permanently forfeited. No convincing claims were made within the stipulated period.

According to an affidavit filed by EFCC investigator Usman Aliyu, the commission traced the funds to suspicious transactions, including payments linked to the acquisition of oil blocks—PPL 302 and PPL 3007—from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Aliyu stated that the funds used for the signature bonuses were not derived from any legitimate business activity but were suspected proceeds of unlawful dealings, including transfers from contractors who had no formal business relationship with Oceangate.

He further described the company as a “shell entity” allegedly used to acquire petroleum assets with illicit funds, adding that its operations lacked transparency and verifiable commercial activity.

The EFCC also challenged the credibility of one of Oceangate’s representatives, Iliya Wakil, describing him as a nominal director without shareholding and an employee of another company linked to Achimugu.

With the final forfeiture order, the $13 million now becomes property of the Federal Government, marking a significant development in the EFCC’s ongoing efforts to combat financial crimes and recover illicit assets.