EFCC $13m forfeiture case heads for ruling as Abuja court weighs allegations of unlawful funds linked to Oceangate and Aisha Achimugu

The Federal High Court in Abuja on Monday fixed March 25 to rule on an application by the Economic and Financial Crimes Commission seeking the final forfeiture of $13m allegedly linked to Oceangate Engineering Oil and Gas Limited.

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Justice Emeka Nwite adjourned the matter for ruling after counsel to the parties adopted their processes and argued for and against the EFCC $13m forfeiture application.

The anti graft agency is asking the court to permanently forfeit the funds to the Federal Government, alleging that the money represents proceeds of unlawful activity connected to the acquisition of oil blocks.

Justice Nwite had earlier, on August 22, 2025, granted the EFCC’s ex parte request for interim forfeiture of the $13m and ordered the commission to publish the order to allow interested parties show cause within 14 days.

In an affidavit supporting the application, an EFCC investigator, Usman Aliyu, told the court that intelligence reports suggested Oceangate used illicit funds to acquire oil assets from the Nigerian Upstream Petroleum Regulatory Commission.

Aliyu said the company, incorporated in 2005, participated in the 2024 oil licensing bid round for Deep Offshore PPL 302 and Shallow Water PPL 3007 and was declared a successful bidder, with total financial obligations of over $37m.

According to him, investigations showed that Oceangate paid about $20m to the Federal Government between March 20 and April 3, 2025, while allegedly retaining $13m through cash transactions outside the formal banking system.

He alleged that the EFCC $13m forfeiture case arose from a conspiracy involving unlicensed Bureau de Change operators and bank officials to meet signature bonus requirements for the oil blocks.

Aliyu further claimed that funds traced to Lagos State contractors were routed through third party accounts, converted to dollars and transferred to Oceangate, insisting the money did not originate from legitimate business activities.

Oceangate, however, challenged the application, urging the court to set aside the interim forfeiture order.

In an affidavit deposed to by a director, Iliya Wakil, the company maintained that the funds were derived from lawful earnings and personal gifts to its Group Chief Executive Officer, Dr Aisha Achimugu.

The company denied any dealings with unlicensed operators, stating that individuals named by the EFCC were either licensed agents or had no business relationship with Oceangate.

In a sharp response, the EFCC urged the court to dismiss Oceangate’s objection, describing the firm as a shell company allegedly controlled by Achimugu and created to hold petroleum assets acquired with suspicious funds.

The commission also questioned the credibility of the audit report relied upon by Oceangate, claiming the auditor did not examine the company’s bank statements.

Justice Nwite adjourned the matter to March 25 for ruling, a decision expected to determine the outcome of the high profile EFCC $13m forfeiture dispute.

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The court had earlier ordered the final forfeiture of a separate $7m linked to Providus Bank after no claimant appeared, a claim later disputed by Felak Concept Group Limited.