Court orders final forfeiture of $13m linked to Aisha Achimugu, cites proceeds of fraud

Justice Emeka Nwite of the Federal High Court, Abuja Division, has ordered the final forfeiture of $13 million linked to Lagos socialite Aisha Achimugu and her firm, Oceangate Engineering Oil & Gas Ltd, to the Federal Government of Nigeria.

Delivering judgment, the court held that the Economic and Financial Crimes Commission (EFCC) successfully established that the funds were proceeds of fraud and unlawful activities.

Justice Nwite ruled that the company failed to provide credible evidence explaining the legitimate source of the money, adding that the burden of proof placed on it was not discharged.

The court dismissed claims that the funds were gifts to Achimugu, noting that no individual came forward to testify or substantiate such claims. It also observed that the businesswoman did not personally appear before the court to justify why the funds should not be permanently forfeited.

According to the ruling, Oceangate did not demonstrate any verifiable business activity or transactions capable of generating the $13 million, nor did it provide evidence of payments from customers or partners.

The forfeiture follows an earlier interim order granted on August 22, 2025, which directed the publication of the notice for interested parties to show cause within 14 days. The court held that the EFCC complied fully with legal requirements before seeking final forfeiture.

In its investigation, the EFCC alleged that the funds were linked to the acquisition of oil blocks, specifically PPL 302 and PPL 3007, under the supervision of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The commission further claimed that the money was moved through complex channels involving cash transactions, bureau de change operators, and intermediaries, raising suspicion of money laundering and diversion of public funds.

While Oceangate denied wrongdoing and insisted the funds were derived from legitimate business activities and private gifts, the court found its defence insufficient and unsupported by verifiable evidence.

Justice Nwite therefore affirmed that the $13 million constitutes proceeds of unlawful activity and ordered its permanent forfeiture to the Federal Government.