By SCM Reporter I Wednesday, March 25, 2026
ABUJA – A Nigerian court has ordered the final forfeiture of $13 million linked to a prominent businesswoman and her oil firm after a judge rubbished claims that the eye-watering sum was merely a collection of “gifts.”
Justice Emeka Nwite, sitting at the Federal High Court in Abuja, ruled on Wednesday that the millions held by Ms. Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, must be handed over to the federal government.
The decision marks a major victory for Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), which argued the cash was the “proceeds of fraud and unlawful activities.”
’Failed Woefully’
The legal battle centered on $13 million used by Oceangate to pay “Signature Bonuses” for lucrative oil blocks (PPL 302 and PPL 3007). While the company claimed the money came from legitimate earnings and personal gifts to Ms. Achimugu, the court wasn’t buying it.
Justice Nwite noted that the company had “failed woefully” to prove the source of the funds. In a stinging critique of the defense, the judge pointed out that:
Ms. Achimugu never appeared in court to explain the origin of the money.
Not a single person alleged to have given these multi-million dollar “gifts” was called to testify.
The company provided no evidence of business transactions or customer payments that could account for such a sum.
The Paper Trail
The EFCC’s investigation, led by officer Usman Aliyu, revealed a more cynical origin for the cash. Affidavits presented to the court alleged that the money was diverted from a Nigerian state government.
According to the EFCC, public funds meant for state contracts were funneled through third-party contractors into Oceangate’s accounts. Investigators found there was “no contractual or business relationship” between the company and the contractors who moved the money, noting that they were neither investors nor shareholders.
Final Blow
The ruling follows an interim forfeiture order granted in August 2025. Despite being given 14 days to “show cause” why the money should stay in their pockets, the defendants unable to convince the court of its legality.
”The burden to establish genuine ownership was not established,” Justice Nwite ruled, effectively ending the firm’s claim to the frozen millions.
