The Federal High Court in Abuja has affirmed the final forfeiture of $13 million traced to Lagos socialite Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
Delivering judgment, Justice Emeka Nwite held that the Economic and Financial Crimes Commission (EFCC) had sufficiently established that the funds were proceeds of fraud and unlawful activities. The court dismissed Oceangate’s suit seeking to reclaim the money, ruling that the company failed to satisfactorily explain its source.
Justice Nwite noted that claims of the funds being “gifts” were unsubstantiated, as neither Achimugu nor any alleged donor appeared before the court to justify ownership. He further observed that Oceangate provided no evidence of legitimate business activity or customer payments to support its position.
The EFCC, through affidavits and investigations, alleged that Oceangate conspired with unlicensed Bureau de Change operators and contractors to source illicit funds for oil block signature bonuses. The commission described Oceangate as a “shell company” created to hold petroleum assets procured with unlawful proceeds.
In dismissing the company’s defence, the court underscored that the burden of proving legitimate ownership rested on Oceangate, which it failed to discharge. Consequently, the $13m was forfeited to the Federal Government in line with earlier interim orders.
This ruling follows a similar forfeiture order in September 2025, when the court directed the final forfeiture of $7m recovered from a Providus Bank branch in Ikoyi, Lagos, after no claimant came forward.
... Court Orders Final Forfeiture of $13m Linked to Lagos Socialite Aisha Achimugu ... Naijaonpoint.