Federal High Court Orders Final Forfeiture Of $13 Million Linked To Aisha Achimugu And Oceangate Engineering

A Federal High Court orders the final forfeiture of $13m linked to Aisha Achimugu, ruling the funds were proceeds of fraud used for oil block bonuses.

By: AXL Media

Published: Mar 25, 2026, 10:07 AM EDT

Source: The information in this article was sourced from Independent

Judicial Mandate For Permanent Asset Seizure

The Federal High Court in Abuja has issued a final forfeiture order for $13 million associated with businesswoman Aisha Achimugu and her firm, Oceangate Engineering Oil & Gas Ltd. Presiding Justice Emeka Nwite delivered the judgment on Wednesday, concluding a legal battle initiated by the Economic and Financial Crimes Commission. According to the court, the evidence presented by the anti-graft agency successfully demonstrated that the substantial sum represented proceeds of fraud and unlawful activities rather than legitimate corporate revenue.

Failure To Substantiate Claims Of Monetary Gifts

In dismissing the defense’s arguments, Justice Nwite noted that the company failed to provide a credible explanation for the origin of the funds. The defense had contended that the $13 million consisted of personal gifts bestowed upon Aisha Achimugu, the firm’s Group Chief Executive Officer. However, the judge highlighted that Achimugu did not appear in court to show cause, nor did any individual testify to having provided such significant monetary gifts. According to the ruling, the burden of establishing genuine ownership remained unmet by the applicant.

Tracing Public Funds To Petroleum Asset Acquisitions

The investigation led by EFCC operative Usman Aliyu revealed that the funds were utilized by Oceangate to pay signature bonuses for oil blocks PPL302 and PPL3007 to the Nigerian Upstream Petroleum Regulatory Commission. According to the commission's affidavit, a portion of these funds was traced back to public money transferred by a state government to contractors for state projects. The EFCC alleged that there was no existing contractual or business relationship between Oceangate and the contractors who funneled these public funds into the company’s accounts.