Oceangate Engineering Oil & Gas Limited, a company owned by socialite and businesswoman, Aisha Achimugu, has announced plans to appeal the judgment of the Federal High Court in Abuja ordering the forfeiture of $13 million paid for the acquisition of two Nigerian oil blocks.
Justice Emeka Nwite on Wednesday ordered the final forfeiture of the funds to the Federal Government, ruling that the money was not legitimately earned.
The ruling followed an application by the Economic and Financial Crimes Commission (EFCC), which argued that investigations revealed the funds were proceeds of unlawful activities linked to the company.
According to the anti-graft agency, part of the money was obtained from unnamed contractors engaged by the Lagos State Government to execute projects or provide services.
The court had earlier granted an interim forfeiture order to allow the company and other interested parties to explain the source of the funds.
However, in Wednesday’s judgement, the court dismissed the company’s defence and ordered the permanent forfeiture of the money.
In a statement released on Thursday, the firm’s secretary, Nnenna Onyeaso, described the ruling as a civil asset forfeiture order based on suspicion rather than proof.
She said neither the company nor its leadership had been convicted of any wrongdoing.
The statement read, “We have already instructed our legal counsel to file an appeal. We have always believed in the ability of the judicial process, and that belief has not wavered.
“The appellate process exists for exactly this kind of outcome, and we are confident that a thorough review of the facts will speak for itself and for the integrity with which this company has always operated.”
Oceangate expressed confidence that the appeal process would ultimately affirm the legitimacy of its operations.
The company also pledged to continue its business activities, noting that it employs Nigerians and contributes to the country’s economy.
It thanked its employees, partners and clients for their support following the judgement and reaffirmed its commitment to transparency and the rule of law.
According to court filings, the EFCC began investigating the company, its owner, and business associates after tracing $13 million used in the acquisition of oil blocks to suspicious transactions.
Investigators said the funds were raised between March and April 2025 as part payment for two oil blocks awarded to Oceangate in 2024.
The oil blocks include Deep Offshore Petroleum Prospecting Licence 302 and Shallow Water PPL 3007.
The EFCC said the successful bidder was required to pay $37.2 million to finalise the acquisition.
An investigator with the commission, Usman Aliyu, stated in an affidavit that the company had paid $20 million in instalments between March 20 and April 3, 2025 before the agency intervened.
Investigators alleged that the company worked with unlicensed Bureau de Change operators and bank officials to obtain the $13 million.
The EFCC also claimed that funds were received from contractors linked to the Lagos State Government despite the absence of any known business relationship with the company.
Officials familiar with the investigation said authorities were examining the source of the payments and whether government officials may have been involved.
However, it remains unclear whether Lagos State Governor Babajide Sanwo-Olu had any knowledge of or involvement in the alleged transactions.
Despite the allegations, Oceangate has denied wrongdoing, maintaining that the funds were legitimately obtained and that the matter would be resolved through the appeal process.
