The Federal High Court in Abuja has fixed March 25 to rule 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 prominent businesswoman Dr Aisha Achimugu.
Court Hears Arguments From Both Sides
Justice Emeka Nwite adjourned the matter for ruling after counsel to the EFCC, Rotimi Oyedepo (SAN), and Oceangate’s lawyer, Darlington Ozurumba, adopted and argued their respective processes.
The anti-graft agency is asking the court to permanently forfeit the funds to the Federal Government, claiming the money represents proceeds of unlawful activity.
How the $13m Came Under EFCC Radar
The court had earlier, on August 22, 2025, granted an interim forfeiture order on the funds and directed the EFCC to publish the notice in a national newspaper for interested parties to show cause within 14 days.
In an affidavit, EFCC investigator Usman Aliyu disclosed that intelligence reports linked Oceangate to the use of suspected illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He said Oceangate, incorporated in 2005, participated in the 2024 oil licensing bid for Deep Offshore PPL 302 and Shallow Water PPL 3007, emerging as a successful bidder with total financial obligations of $37.2 million.
EFCC Alleges Cash Transactions, Illegal BDC Links
According to the EFCC, investigations revealed that between March 20 and April 3, 2025, Oceangate paid $20 million to the Federal Government for the oil blocks.
The commission alleged that to meet signature bonus requirements, the company conspired with unlicensed Bureau de Change (BDC) operators and bank officials to retain and move $13 million in cash outside the banking system.
Aliyu claimed that one Suleiman Muhammed Chiroma was used to collect the funds in cash across Abuja and Lagos, with portions allegedly handled by other individuals and companies to pay signature bonuses.
The EFCC also alleged that funds traced to Lagos State contractors were laundered through bank accounts, converted to dollars, and channelled to Oceangate.
Oceangate Denies Allegations
Oceangate opposed the forfeiture in an affidavit sworn by a director, Iliya Wakil, who urged the court to vacate the interim order.
Wakil insisted the funds were from legitimate earnings and gifts to Dr Achimugu, denying any conspiracy or illegal dealings. He maintained that Chiroma was a licensed BDC operator and said the company had no relationship with the individuals and firms named by the EFCC.
EFCC Fires Back
In a counter-affidavit, the EFCC urged the court to dismiss Oceangate’s claims, alleging that Wakil was a nominal director acting on Achimugu’s instructions.
The commission described Oceangate as a “shell company” allegedly created to hold petroleum assets acquired with illicit funds, disputing the company’s claim of being a functional oil and gas consortium.
The EFCC also questioned an audit report submitted by Oceangate, alleging that the auditor admitted he did not review the company’s bank statements.
What Happens Next
Justice Nwite adjourned the case to March 25 for ruling.
Meanwhile, the court had earlier ordered the forfeiture of $7 million linked to Providus Bank after no claimant emerged — a claim later disputed by Felak Concept Group Limited.
All eyes are now on the court as it prepares to decide the fate of the controversial $13 million.
