Federal High Court Upholds Final Forfeiture of $13 Million Linked to Aisha Achimugu
A Federal High Court in Abuja has affirmed the final forfeiture of $13 million linked to a prominent businesswoman, Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Limited, to the Federal Government. Delivering the judgment on Wednesday, Justice Emeka Nwite held that the funds were conclusively proven by the Economic and Financial Crimes Commission (EFCC) to be proceeds of unlawful activities.
Court Dismisses Claims of Legitimate Source
The ruling followed a suit filed by Oceangate seeking to reclaim the money. However, the court found that the company failed to provide credible evidence explaining the legitimate source of the funds. Justice Nwite dismissed claims that the money constituted gifts to Achimugu, noting that neither the alleged donors nor Achimugu herself appeared before the court to substantiate the claim.
"The burden of proof was not discharged," the judge ruled, adding that no verifiable business transactions or income streams were presented to justify the ownership of the funds. The court further held that the EFCC satisfied all legal requirements to classify the money as proceeds of crime, warranting its forfeiture to the government.
Background of the Case and Interim Forfeiture
The court had, on August 22, 2025, granted an interim forfeiture order following an ex parte application by the EFCC, which alleged that the funds were linked to suspicious transactions involving oil block acquisitions. The anti-graft agency subsequently published the order, inviting interested parties to show cause why the funds should not be permanently forfeited.
According to an affidavit by EFCC investigator Usman Aliyu, Oceangate was implicated in a scheme involving unregulated cash transactions and the use of intermediaries to channel funds suspected to be proceeds of unlawful activities. Investigations revealed that the company participated in the acquisition of oil blocks PPL 302 and PPL 3007, with total financial obligations exceeding $37 million.
EFCC Allegations and Investigation Findings
The EFCC alleged that part of the payments, including the disputed $13 million, was sourced through unlicensed Bureau de Change operators and cash collections outside formal banking channels. The commission further claimed that intermediaries were engaged to collect millions of dollars in cash across Abuja and Lagos, which were later funneled into the company’s accounts.
It also alleged that some of the funds originated from payments made by contractors linked to the Lagos State Government, despite no established contractual relationship with Oceangate. The court's affirmation of the final forfeiture underscores the ongoing efforts to combat financial crimes and recover illicit assets in Nigeria.
