A Federal High Court in Nigeria’s capital has fixed March 25 to rule on a request by the country’s anti-graft agency, the Economic and Financial Crimes Commission, for the permanent forfeiture of $13 million claimed by Oceangate Engineering Oil & Gas Limited, a company associated with Nigerian businesswoman Aisha Achimugu.
Okay News reports that Justice Emeka Nwite announced the date on Monday after hearing final arguments from counsel to both parties, including EFCC prosecutor Rotimi Oyedepo, SAN, and Darlington Ozurumba, who appeared for Oceangate.
The funds, currently the subject of an interim forfeiture order granted last year, are alleged by the EFCC to represent proceeds of unlawful activity. Following that interim order, the court directed the anti-corruption agency to publish a notice in a national newspaper inviting any interested party to show cause why the money should not be permanently forfeited to the Federal Government.
Oceangate responded by filing an affidavit asserting ownership of the funds and rejecting the EFCC’s claims. The company argued that the $13 million was legitimately raised to pay signature bonuses for its interests in two petroleum prospecting licences, PPL 302 and PPL 3007, which it said it won in 2024.
In a detailed counter-affidavit, the EFCC maintained that its investigations showed the funds were sourced unlawfully. According to the commission, portions of the money originated from contractors engaged by the Lagos State Government and were allegedly diverted before being converted to dollars and channelled to Oceangate’s bank account.
The EFCC further alleged that Oceangate was a shell entity used to acquire petroleum assets with tainted funds. In one of its filings, the commission stated:
“Oceangate Engineering Oll and Gas Limited is a briefcase/shell company created as a vehicle for the purpose of holding Petroleum related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”
The agency also challenged Oceangate’s description of itself as a professional oil and gas consortium, adding:
“Hence describing the company as ‘a professional oll and gas consortium, operating in diverse sectors of the oil and gas sectors of the Nigerian economy,’ is nothing but describing the devil as an angel of light.”
According to the EFCC, the $13 million sought to be forfeited was transferred in tranches by several companies that were neither investors in Oceangate nor in any legitimate contractual relationship with it. The commission alleged that some of these entities received large naira payments from Lagos State contractors, which were then converted to US dollars and funnelled to Oceangate to meet licence obligations.
The EFCC also claimed it recovered communications, including WhatsApp messages, allegedly showing how false documents were prepared to give the transactions a veneer of legitimacy. It said some companies purported to have provided “debt financing” to Oceangate, a claim investigators described as untrue.
Oceangate, however, denied all allegations of wrongdoing. In its affidavit to show cause, deposed to by one of its directors, Iliya Wakil, the company said the funds were derived partly from its legitimate earnings and partly from personal gifts to its Group Chief Executive Officer, Dr Aisha Achimugu. It rejected claims of conspiracy with unlicensed Bureau de Change operators or bank officials.
The firm also argued that a currency dealer named by the EFCC was lawfully engaged to source dollars because payment of signature bonuses for oil licences was required to be made in foreign currency. It denied any knowledge of, or dealings with, several individuals and companies cited by the EFCC as sources of the funds.
Oceangate further urged the court to set aside the interim forfeiture order, contending that it was made without proper jurisdiction and in violation of its right to fair hearing.
