Judiciary confirms seizure of $13 million linked to Achimugu

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The Federal High Court in Abuja, on Wednesday, affirmed the final forfeiture of $13m linked to Lagos socialite, Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.

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Delivering judgment, Justice Emeka Nwite held that the funds had been sufficiently established by the Economic and Financial Crimes Commission as proceeds of fraud and unlawful activities.

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The court gave the ruling in a suit instituted by Oceangate Engineering Oil & Gas Ltd, which sought to reclaim the funds.

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Justice Nwite held that the company failed to satisfactorily explain the source of the money, noting that the EFCC met all legal requirements to justify its forfeiture.

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The judge dismissed claims that the $13m constituted gifts received by Oceangate through Achimugu, adding that the businesswoman did not appear before the court to justify why the funds should not be forfeited.

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He further observed that no individual who allegedly made the monetary gifts was called to testify.

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According to the court, the applicant failed to discharge the burden of proving legitimate ownership of the funds or to counter the EFCC’s position that the money was proceeds of fraud.

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The judge also held that Oceangate did not demonstrate any business activity that generated the funds, nor did it provide evidence of payments from customers.

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Justice Nwite had, on August 22, 2025, granted an ex parte application by the EFCC for the interim forfeiture of the sum, directing the anti-graft agency to publish the order in a national daily for interested parties to show cause within 14 days.

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In an affidavit deposed to by an EFCC investigator, Usman Aliyu, the commission stated that it received intelligence alleging that Oceangate used funds suspected to be proceeds of unlawful activity to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.

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Aliyu said investigations showed that the company participated in the 2024 oil block licensing bid for deep offshore PPL302 and shallow water PPL3007 and was declared a successful bidder.

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He stated that the company’s financial obligations to the government before the issuance of the Petroleum Prospecting Licence stood at $37.2m.

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According to him, Oceangate made multiple payments to the Federal Government through its Zenith Bank account in tranches running into millions of dollars.

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He added that between March 20 and April 3, 2025, the company paid a total of $20m for the acquisition of the oil blocks.

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The EFCC, however, alleged that the company conspired with unlicensed Bureau de Change operators and bank officials to source $13m in cash, suspected to be proceeds of unlawful activities, for the payment of signature bonuses.

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The affidavit detailed how cash was allegedly collected through intermediaries in Abuja and Lagos without passing through financial institutions and later channelled for the transactions.

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Aliyu also alleged that funds traced to contractors working for the Lagos State Government were converted to dollars and transferred to Oceangate’s account.

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He maintained that the $13m used for the signature bonuses “were not proceeds of any lawful and legitimate business but rather represent funds reasonably suspected to be proceeds of unlawful activity.”

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He further stated that the contractors who transferred the funds had no business relationship, shareholding, or investment ties with Oceangate.

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In its defence, Oceangate, through an affidavit sworn to by one of its directors, Iliya Wakil, urged the court to set aside the interim forfeiture order.

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The company argued that the funds were derived from legitimate earnings and gifts made to its Group Chief Executive Officer, Achimugu.

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It denied any involvement in unlawful financial dealings or conspiracy with unregistered BDC operators.

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Wakil maintained that a licensed BDC agent, Suleiman Chiroma, was engaged to source the required foreign exchange and acted independently.

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He also denied any relationship with individuals and entities named by the EFCC, including Ashrab Energy and Oil Services Limited and Tripple A & Tee Oil Nigeria Limited.

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The company further contended that the interim forfeiture order was made without jurisdiction and in breach of its right to a fair hearing.

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However, the EFCC, in its counter-affidavit, described Wakil as a nominal director with no shareholding and alleged that he acted on instructions from Achimugu.

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The commission also characterised Oceangate as “a briefcase/shell company created as a vehicle for the purpose of holding petroleum-related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”

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“Hence, describing the company as ‘a professional oil and gas consortium, operating in diverse sectors of the oil and gas sectors of the Nigerian economy,’ is nothing but describing the devil as an angel of light,” Aliyu wrote.

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The commission further alleged that an audit report submitted by the company was unreliable, stating that the auditor admitted he did not review the company’s financial statements before preparing the report.

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Aliyu added that Achimugu, in her extra-judicial statement, acknowledged having significant control over the company and admitted that it had not executed any contract in the oil and gas sector.

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The EFCC urged the court to uphold the forfeiture in the interest of justice, maintaining that the funds were reasonably suspected to be proceeds of unlawful activity.

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Justice Nwite subsequently dismissed the company’s claims and upheld the forfeiture of the $13m to the Federal Government.

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The court had earlier, on September 15, 2025, ordered the final forfeiture of $7m recovered from a Providus Bank branch in Ikoyi, Lagos, after no claimant came forward.

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Meanwhile, Felak Concept Group Limited had previously denied reports linking its Group Chief Executive Officer, Achimugu, and its subsidiary, Oceangate Engineering Oil & Gas Ltd, to the controversial $7m transaction.

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