Justice Emeka Nwite of Federal High Court for Abuja don finally order say make dem forfeit $13 million wey dem link to businesswoman Aisha Achimugu and her company Oceangate Engineering Oil & Gas Ltd to Nigerian government. The court rule say the money na proceeds of unlawful activities and dem no show any evidence to prove say the money come from legitimate business.
According to the judgment wey Justice Nwite deliver on Wednesday, March 25, 2026, Oceangate Engineering fail to show how dem get the $13 million wey dem use pay signature bonuses for oil blocks PPL 302 and PPL 3007 from Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The judge dismiss claims say the money na gifts wey Achimugu collect as Group Chief Executive Officer of the company.
EFCC investigator Usman Aliyu swear affidavit say dem act on intelligence wey show say Oceangate use funds wey dem suspect na proceeds of unlawful activity to acquire the oil blocks. Aliyu reveal say part of the money come from public funds wey Lagos State Government transfer to contractors for project execution, but the contractors divert the money into Oceangate accounts.
The investigator say dem no see any contractual or business relationship between Oceangate and the contractors wey transfer the funds. He add say the contractors wey transfer the public funds to Oceangate no be investors, directors, or shareholders for the company.
This final forfeiture order follow interim forfeiture order wey Justice Nwite grant on August 22, 2025. For that time, the court direct EFCC to publish notice for national newspaper and invite interested parties to show cause within 14 days why the money no go forfeit permanently.
EFCC spokesperson Dele Oyewale confirm say the commission succeed to convince the court say the funds na proceeds of fraud and must forfeit to government. Oyewale say the judge hold say Oceangate no establish genuine ownership of the money to counter EFCC claims.
Meanwhile, EFCC don open investigation into administration of Lagos State Governor Babajide Sanwo-Olu following reports linking contractors wey dey work for state government projects to the controversial forfeited $13 million wey dem link to Achimugu. Officials familiar with the probe say EFCC dey examine how funds wey dem allegedly obtain from multiple contractors funnel into accounts connected to Achimugu.
Sources say the facts about origin of the funds dey already public for court documents, but full details of how large chunk of the money come from some contractors wey dey offer services to Lagos State Government, the identities of the contractors, and possible involvement of the governor and other government officials no dey disclosed to no jeopardize ongoing investigations.
Achimugu, wey be socialite and ally of Governor Sanwo-Olu, don face multiple financial scrutiny. For September 2025, separate Federal High Court for Lagos order final forfeiture of $7 million wey dem discover under controversial circumstances at Providus Bank. Investigations reveal say the cash deposit in raw currency on March 26 and 27, 2025, directly into the bank vaults at Victoria Island headquarters instead of dem credit any customer account.
Internal whistleblower alert EFCC about the unusual transactions, and during interrogation, some bank staff claim say the funds belong to Achimugu as high-profile client of the bank. However, Achimugu deny ownership of the $7 million, insist say she just take loan from the bank and no repay am.
Beyond these forfeiture cases, Achimugu don also link to ongoing $12 million money laundering trial involving senior executives of SunTrust Bank. For that case, prosecution witness tell court say he receive $12 million in cash between March 10 and 24, 2025, allegedly facilitate by bank top officials for transfer into Achimugu accounts.
The witness, bureau de change operator, testify say the transactions conduct entirely outside formal banking system. He say none of the money pass through his account, and he also receive $1.8 million from Achimugu in tranches for conversion to naira.
Reports suggest say Governor Sanwo-Olu don dey under EFCC scrutiny as early as October 2024, following controversial lawsuit file on his behalf to block potential probe. The suit, file by lawyer Darlington Ozurumba wey also represent Achimugu company, allegedly seek to prevent EFCC from arresting or detaining the governor or his aides over suspected diversion of public funds.
Lagos State Government quickly deny involvement for the lawsuit, with Attorney General Lawal Pedro insist say the governor no authorize or brief any lawyer to file the case. EFCC also deny say dem dey investigate or plan any action against the governor or his administration.
Achimugu, wey her company Oceangate Engineering Oil & Gas Ltd dey center of $13 million forfeiture case, don previously flee Nigeria in March 2025 after EFCC invite her for questioning. Dem arrest her on April 29, 2025, and later grant her bail. Her close association with Governor Sanwo-Olu, including his attendance at her extravagant 50th birthday for Grenada, don draw public scrutiny.
For Oceangate affidavit to show cause deposed by company director Iliya Wakil, the company argue say all the funds derive partly from legitimate earnings of the company and partly gifts give to Achimugu as Group Chief Executive Officer. Wakil disagree say the company conspire with any unregistered BDC operator and bank officials to retain and transfer any sum of money wey relate to unlawful activity.
Wakil say Suleiman Chiroma wey EFCC mention na licensed BDC agent engage lawfully by the company to help source US dollars needed to settle signature bonuses for the oil blocks. He state say Chiroma act fully independently without any form of control by Oceangate, and the entire naira swap for the dollars come from legitimate sources.
Oceangate file motion on notice with affidavit to show cause, seek order to set aside the interim forfeiture order of $13 million wey dem claim belong to the company. The company argue say the order make by court without requisite jurisdiction and against principle of fair hearing.
Justice Nwite, for his ruling, say the respondent applicant (Oceangate) no discharge legal obligation place on am to show to the court the legitimacy of the funds seek to forfeit. The judge hold say applicant/respondent (EFCC) satisfy requirements for grant of application for final forfeiture.
The judge order final forfeiture of the sum of 13 million United States dollars trace, find and recover from NUPRC account domicile with Central Bank of Nigeria (CBN) wey dem reasonably suspect na proceed of unlawful activities. The funds go now forfeit to Federal Government of Nigeria.
Do you have a news tip for NNN? Please email us at editor @ nnn.ng
