A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to a company owned by businesswoman Aisha Achimugu to the Federal Government, following a ruling that the funds were proceeds of unlawful activities.
Justice Emeka Nwite delivered the judgment on Wednesday, holding that Oceangate Engineering Oil & Gas Limited failed to provide sufficient evidence to justify the source of the funds.
The Economic and Financial Crimes Commission had taken legal action against the firm over the ownership of the money, which it alleged was tied to fraudulent activities.
In his ruling, Justice Nwite said the company did not convincingly demonstrate how it legitimately earned the $13 million.
“The applicant failed woefully to establish the legitimate origin of the funds in question,” the judge said. “On the contrary, the evidence presented by the EFCC supports the position that the money constitutes proceeds of unlawful activities.”
The court also dismissed claims that the funds were gifts received by Achimugu, noting that neither the businesswoman nor any alleged donors appeared before the court to substantiate the claim.
“The assertion that the funds were gifts cannot stand, as no individual was presented to testify to such transactions,” Nwite added. “The said Aisha Achimugu also did not appear before this court to show cause.”
He further held that the company failed to provide proof of business transactions or payments from clients that could justify the funds.
“There is no evidence of any business activity or payment from customers that could account for the sum,” the judge said.
The court noted that the burden of proof rested on the company to counter the EFCC’s claims but that it failed to discharge that responsibility.
Earlier, the court had granted an interim forfeiture order on August 22, 2025, directing the anti-graft agency to publish the notice for interested parties to show cause why the funds should not be permanently forfeited.
In its submission, the EFCC, through an affidavit deposed to by investigator Usman Aliyu, stated that the funds were traced to questionable transactions linked to the acquisition of oil blocks.
According to Aliyu, intelligence reports indicated that Oceangate Engineering used funds suspected to be proceeds of unlawful activity to pay signature bonuses for oil blocks PPL 302 and PPL 3007.
“The sum of $13 million utilised for the acquisition of the oil blocks is not traceable to any legitimate business activity,” Aliyu stated. “Rather, it is reasonably suspected to have been derived from unlawful sources.”
He further alleged that part of the money originated from public funds transferred by contractors who had no formal business relationship with the company.
“The contractors who transferred these funds were neither investors, directors, nor shareholders of the company, and there was no contractual basis for such payments,” he said.
However, Oceangate Engineering had urged the court to reject the forfeiture request, maintaining that the funds were derived from legitimate business earnings and personal gifts to its chief executive.
But the EFCC opposed the claim and asked the court to dismiss the company’s application.
In its final ruling, the court upheld the EFCC’s position and ordered that the $13 million be permanently forfeited to the Federal Government.
