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Court Seals $13m Fraud Case, Orders Final Forfeiture Linked to Achimugu Firm

Published by Samuel Ayomide on March 26th, 2026.

The Federal High Court in Abuja has ordered the permanent forfeiture of $13 million connected to businesswoman Aisha Achimugu and her firm, Oceangate Engineering Oil & Gas Ltd, ruling that the funds were proceeds of unlawful activities.

Delivering judgment, Justice Emeka Nwite upheld the position of the Economic and Financial Crimes Commission (EFCC), stating that the anti-graft agency had convincingly established that the money in question lacked any legitimate origin. The ruling followed a suit filed by the company seeking to reclaim the funds, a move the court ultimately rejected.

According to findings presented in court and reported by The PUNCH, the judge faulted the company for failing to provide credible evidence explaining how the funds were generated. He also noted that claims suggesting the money came from gifts could not be substantiated, as neither the alleged donors nor Achimugu herself appeared before the court to defend the source of the funds.

The court further observed that Oceangate did not demonstrate any verifiable business transactions or customer payments capable of generating such a substantial amount. This, Justice Nwite held, reinforced the EFCC’s argument that the funds were tied to fraudulent dealings.

Investigations by the EFCC revealed that the company had participated in Nigeria’s 2024 oil block licensing round, securing rights to offshore assets with financial commitments running into tens of millions of dollars. As highlighted by The Guardian, part of these payments—specifically $13 million—was allegedly sourced through irregular cash transactions involving unregistered Bureau de Change operators and intermediaries.

An affidavit filed by an EFCC investigator detailed how the funds were reportedly moved outside formal banking channels before being used to meet obligations tied to the acquisition of oil assets. The commission also alleged that some of the money originated from contractors linked to government projects, raising further concerns about the legitimacy of the transactions.

In its defence, Oceangate maintained that the funds were lawfully obtained and denied any wrongdoing. The company argued that a licensed foreign exchange agent handled currency sourcing independently and dismissed allegations of conspiracy. However, the EFCC countered by describing the firm as a shell entity, insisting it existed primarily to warehouse assets acquired through suspicious financial flows.

The court sided with the EFCC, ruling that the company failed to discharge the legal burden required to overturn the forfeiture. Justice Nwite therefore affirmed the final forfeiture of the $13 million to the Federal Government.

The development adds to earlier forfeiture orders linked to the case, including a previous $7 million recovery, which, as noted by Daily Trust, also went unclaimed and was subsequently handed over to the government.

With this judgment, the court reinforced ongoing efforts by anti-corruption authorities to clamp down on illicit financial activities within Nigeria’s oil and gas sector.