‘Gifts or Fraud?’: Court Sets March 25 to Decide Fate of $13m Linked to Achimugu’s Firm
ABUJA — The Federal High Court in Abuja has scheduled March 25, 2026, to deliver a final ruling on whether the Federal Government will permanently seize $13 million linked to Oceangate Engineering Oil & Gas Limited, a company associated with businesswoman Aisha Achimugu.
Justice Emeka Nwite fixed the judgment date on Monday after adopting the final written addresses from both the Economic and Financial Crimes Commission (EFCC) and the defence counsel.
The high-stakes legal battle centers on allegations that the funds, used by Oceangate to pay for oil block signature bonuses, were proceeds of money laundering and illicit financial flows.
EFCC: “It Was Proceeds of Crime”
During the proceedings, EFCC counsel Rotimi Oyedepo (SAN) urged the court to grant a final forfeiture order. He argued that the investigation revealed a web of conspiracy involving unregistered Bureau de Change (BDC) operators and bank officials to launder the money.
According to the EFCC’s affidavit, Oceangate used the $13 million to pay for the signature bonuses of two oil blocks—Deep Offshore PPL 302 and Shallow Water PPL 3007—acquired from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
However, the anti-graft agency claims these funds did not come from any legitimate business operations.
“The investigation revealed that the $13 million was not proceeds of any lawful, legitimate, or justifiable income of Oceangate,” the EFCC investigator stated. “Rather, the fund is reasonably suspected to be proceeds of unlawful activity involving cash movements through third parties.”
Defense: “They Were Gifts”
In a counter-affidavit, Oceangate’s lawyer, Darlington Ozurumba, vehemently opposed the forfeiture application. He argued that the EFCC had failed to prove that the money was illicit.
Ozurumba contended that the funds were derived partly from the legitimate earnings of the company and partly from “gifts” given to the Group Chief Executive Officer (GCEO), Aisha Achimugu.
“We have shown cause why this money should not be forfeited,” Ozurumba told the court. “The company did not conspire with any unregistered BDC operators. These were legitimate funds meant for a legitimate government transaction.”
The $7 Million Precedent
This is not the first forfeiture case involving the firm. On September 15, 2025, Justice Nwite ordered the final forfeiture of another $7 million linked to the same investigation.
In that instance, the court seized the funds—found in a Providus Bank vault—after no one came forward to claim them despite a public forfeiture notice. The EFCC cited this as part of a pattern of “suspicious funds” moving through the company’s accounts.
Justice Nwite has now adjourned the case to March 25 for judgement, leaving the fate of the $13 million hanging in the balance.