Court orders final forfeiture of $13m linked to businesswoman Aisha Achimugu

A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.

Justice Emeka Nwite delivered the ruling on Wednesday, holding that the funds were proceeds of unlawful activities and that the Economic and Financial Crimes Commission (EFCC) had sufficiently established its case.

The EFCC had taken the company to court over the ownership of the funds, which it said were suspected to be proceeds of fraud. The anti-graft agency had earlier secured an interim forfeiture order in August 2025 and published it for interested parties to show cause why the money should not be permanently seized.

In his judgment, Justice Nwite ruled that Oceangate failed to satisfactorily explain the source of the funds, noting that the company did not provide evidence of any legitimate business transaction that generated the money. The court also dismissed claims that the funds were gifts to Achimugu, stating that neither the businesswoman nor any alleged donor appeared in court to substantiate the claim.

Justice Nwite further held that no individual who purportedly gave the money testified, weakening the company’s defence.

The EFCC, through an affidavit deposed to by its investigator, Usman Aliyu, maintained that the funds were linked to unlawful activities, including the acquisition of oil assets without due process.

According to the commission, part of the money used by Oceangate was traced to funds transferred by contractors who had received payments from a state government, despite having no business relationship with the company.

The court subsequently dismissed Oceangate’s application and ordered that the funds be permanently forfeited to the Federal Government.