Court orders final forfeiture of $13m linked to Aisha Achimugu to FG

Justice Emeka Nwite of the Federal High Court in Abuja has affirmed the final forfeiture of $13 million linked to Lagos socialite Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.

Delivering judgment on Wednesday, Justice Nwite ruled that the Economic and Financial Crimes Commission (EFCC) had sufficiently demonstrated that the funds were proceeds of fraud and unlawful activities.

The court dismissed claims by Oceangate Engineering seeking to reclaim the funds, noting the company failed to show legitimate business activities generating the money.

The judge further pointed out that Ms Achimugu did not appear in court to justify why the funds should not be forfeited, and no evidence was provided to prove the money was a gift.

EFCC investigator Usman Aliyu testified that the $13 million was part of payments for signature bonuses for offshore oil blocks PPL 302 and PPL 3007, allegedly routed through unlicensed Bureau de Change operators and bank officials.

Aliyu described Oceangate as a “shell company” used to acquire petroleum-related assets with funds suspected to be unlawful.

Oceangate had argued that part of the funds were legitimate earnings and gifts to its CEO, claiming all transactions were conducted through licensed channels.

The court, however, upheld the EFCC’s position, confirming the money as proceeds of unlawful activity.

The judgment follows an interim forfeiture order in August 2025, which the court published for any interested party to contest within 14 days. No valid claims were presented, leading to the final forfeiture.

The ruling reinforces the EFCC’s mandate to recover funds suspected to be derived from fraudulent activities and strengthens government oversight in oil and gas transactions.