Court Fixes March 25 to Rule on EFCC’s $13m Forfeiture Case Against Oceangate
The Federal High Court in Abuja has fixed March 25 for ruling on an application by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of $13 million allegedly linked to Oceangate Engineering Oil & Gas Ltd, a company associated with businesswoman Aisha Achimugu.
Justice Emeka Nwite set the date after EFCC counsel, Rotimi Oyedepo, SAN, and Oceangate’s lawyer, Darlington Ozurumba, adopted their processes and argued the application.
The court had earlier, on August 22, 2025, granted an interim forfeiture of the funds to the Federal Government, directing the EFCC to publish the order for interested parties to show cause.
The EFCC alleged that the $13 million formed part of funds used by Oceangate to pay signature bonuses for oil blocks PPL 302 and PPL 3007, and was reasonably suspected to be proceeds of unlawful activity. According to the commission, the company allegedly conspired with unlicensed bureau de change operators and bank officials to move the funds outside proper financial channels.
An EFCC investigator told the court that investigations revealed the company paid over $20 million to the Federal Government for the oil blocks, with part of the funds allegedly sourced from cash collections and transfers linked to contractors handling Lagos State Government projects. The commission argued that there was no legitimate business relationship between Oceangate and those contractors.
Oceangate, however, opposed the forfeiture, insisting the funds were lawfully sourced from company earnings and gifts to its Group Chief Executive Officer, Dr Aisha Achimugu.
The company denied any conspiracy, stating that it engaged a licensed bureau de change agent to source the dollars required for the payments.
In its reply, the EFCC urged the court to dismiss Oceangate’s application, describing the firm as a shell company allegedly used to acquire petroleum assets with tainted funds.
The commission maintained that the $13 million was not proceeds of any legitimate business activity and should be permanently forfeited to the Federal Government.
Justice Nwite adjourned the matter to March 25 for ruling.
