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.
Justice Emeka Nwite delivered the ruling on Wednesday. He held that the company failed to clearly explain the source of the funds.
The Economic and Financial Crimes Commission (EFCC) argued that the money came from illegal activities. The court agreed.
The agency told the court that Oceangate did not earn the $13 million through legitimate business. It also linked the funds to suspicious financial transactions.
According to the EFCC, the company used the money to secure oil assets without following due process.
Oceangate claimed the funds came from business earnings and gifts given to its CEO, Aisha Achimugu.
However, the court rejected the claim.
Justice Nwite noted that the company failed to provide evidence to support the alleged gifts. He also pointed out that Achimugu did not appear in court to defend the source of the money.
No individual came forward to confirm giving such large sums.
The court further held that Oceangate failed to show proof of legitimate business operations.
It did not present records of payments from clients or any transaction history to justify the funds.
Justice Nwite stressed that the burden of proof rested on the company. Since it failed to prove ownership or a legal source, the court ruled in favour of the EFCC.
The case began in August 2025 when the court granted an interim forfeiture order.
The EFCC published a notice inviting anyone with a claim to come forward. However, no strong evidence emerged.
Investigators revealed that part of the money originated from funds paid by a state government to contractors.
The contractors later transferred the money to Oceangate despite having no business relationship with the company.
The EFCC maintained that the funds were proceeds of fraud.
With this ruling, the court has now permanently forfeited the $13 million to the Federal Government.
