Court Orders Permanent Forfeiture of $13 Million Linked to Businesswoman Aisha Achimugu
A Federal High Court in Abuja has ordered the permanent forfeiture of $13 million connected to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
Delivering the ruling on Wednesday, Justice Emeka Nwite agreed with the Economic and Financial Crimes Commission (EFCC), declaring that the funds were proceeds of unlawful activities. The court dismissed Oceangate’s attempt to reclaim the money, citing a lack of credible evidence to support its claims.
The company had argued that the sum represented personal gifts to Achimugu, its Group Chief Executive Officer, but the court noted that neither she nor any alleged donors testified to substantiate the claim. “The burden of proof lies with the applicant,” Justice Nwite said, emphasizing that Oceangate failed to demonstrate any legitimate business transactions that could justify the funds.
The case originated in August 2025 when the court granted an interim forfeiture order following an EFCC application. The anti-graft agency alleged that the $13 million was used to pay signature bonuses for oil blocks PPL 302 and PPL 3007, acquired through funds suspected to be proceeds of unlawful activity. Part of the money was reportedly traced to public funds handled by contractors with no known business relationship with Oceangate.
The EFCC also challenged the role of Iliya Wakil, who deposed to the company’s affidavit, noting he had no shareholding or independent authority in Oceangate and took instructions directly from Achimugu.
Justice Nwite concluded that Oceangate’s explanation, claiming a mix of legitimate earnings and personal gifts, was unconvincing. The ruling underscores the judiciary’s focus on transparency and accountability in Nigeria’s oil and gas sector, particularly concerning unexplained wealth.
With the final forfeiture now in effect, the $13 million will be transferred to the Federal Government, marking a major victory for the EFCC in its anti-corruption campaign.
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