ABUJA, Nigeria — A Federal High Court sitting in Abuja, the capital city of Nigeria, on Wednesday, March 25, 2026, affirmed the permanent forfeiture of $13 million linked to a prominent Lagos socialite, Aisha Achimugu. The court ruled that the funds, which were also tied to her firm, Oceangate Engineering Oil and Gas Limited (Oceangate), be officially transferred to the federal government of Nigeria.
Presiding Judge, Justice Emeka Nwite, delivered the judgment, stating that the Economic and Financial Crimes Commission (EFCC)—the primary anti-corruption agency of Nigeria—had successfully proved that the money was the result of fraudulent and illegal activities. The ruling came after Oceangate filed a lawsuit attempting to reclaim the seized funds.
Justice Nwite noted that the company failed to provide a credible explanation for the source of the ₦19.5 billion (about $13 million). The judge highlighted that the legal requirements for forfeiture had been fully met by the EFCC. Furthermore, the court dismissed the defense’s argument that the money consisted of personal gifts given to the company through Aisha Achimugu. The judge pointed out that neither Achimugu nor any alleged donors appeared in court to testify or justify why the money should not be permanently forfeited.
The court emphasized that the applicant did not prove legitimate ownership or provide evidence of any specific business operations, such as customer payments, that could have generated such a high volume of wealth. Okay News reports that this legal battle began following an interim forfeiture order granted on Friday, August 22, 2025. At that time, the court had given any interested parties 14 days to explain why the funds should not be permanently surrendered to the state.
The investigation into the company began after intelligence reports suggested that Oceangate was using illicit funds to purchase oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). According to an affidavit from EFCC investigator Usman Aliyu, the company had been named a successful bidder for deep offshore and shallow water oil blocks in 2024. The company’s total financial obligation for these licenses was $37.2 million.
Between Thursday, March 20, and Thursday, April 3, 2025, the firm reportedly paid $20 million toward these acquisitions. However, the EFCC alleged that the company worked with unauthorized Bureau de Change (BDC) operators—informal currency traders—and bank staff to source $13 million in cash for “signature bonuses,” which are fees paid to the government upon signing a contract.
Investigators claimed this cash was moved physically through intermediaries in Abuja and Lagos, bypassing formal financial oversight. Additionally, the commission alleged that money belonging to contractors working for the Lagos State Government had been converted into United States dollars and funneled into the accounts of Oceangate.
In its defense, the company, through director Iliya Wakil, claimed the money came from legitimate earnings and personal gifts. They denied any conspiracy with unlicensed currency dealers. However, the EFCC countered that the company was a “shell company” with no real operations, used only to hold assets bought with illegal wealth. The commission also noted that during questioning, Aisha Achimugu admitted the company had never actually completed a contract within the oil and gas industry.
Following the dismissal of the company’s claims, Justice Nwite ordered the $13 million to be permanently forfeited to the federal government of Nigeria.
