Achimugu’s Oceangate moves to challenge $13m forfeiture order in court

Oceangate Engineering Oil & Gas Limited, owned by businesswoman Aisha Achimugu, has begun the process of appealing a court ruling that ordered the final forfeiture of $13 million linked to its founder and the company.

The Federal High Court in Abuja had on Wednesday granted the forfeiture order following a suit filed by the Economic and Financial Crimes Commission (EFCC), which argued that the funds were proceeds of unlawful activities.

In a statement issued the same day, Oceangate said it had already instructed its legal team to file an appeal, stressing its confidence in the judicial process.

The company maintained that the ruling was a civil asset forfeiture order and did not establish any wrongdoing against it or its leadership. “To be clear about what this ruling is, and what it is not: this was a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership. The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” the statement read.

Oceangate reiterated that it was established to contribute to Nigeria’s energy sector and create opportunities for citizens, noting that its mission remains unchanged despite the court’s decision.

The firm also emphasised its role as an employer and contributor to the economy, assuring stakeholders that its operations would continue uninterrupted.

It thanked employees, partners, and clients for their support, reaffirming its commitment to transparency, the rule of law, and business growth.

The company further expressed confidence that the appeal would provide a thorough review of the facts and ultimately uphold its integrity.