Court Fixes March 25 for Ruling on EFCC’s Bid to Forfeit $13m Linked to Aisha Achimugu’s Oceangate Firm

In a high-profile case that has gripped the nation’s attention, a Federal High Court in Abuja has scheduled March 25, 2026, for its ruling on the Economic and Financial Crimes Commission’s (EFCC) motion seeking the final forfeiture of $13 million to the Federal Government. The funds are allegedly tied to Oceangate Engineering Oil & Gas Ltd, a company linked to renowned Nigerian businesswoman and philanthropist, Dr. Aisha Achimugu.

Justice Emeka Nwite fixed the date after hearing final submissions from both parties on Monday. EFCC’s counsel, Rotimi Oyedepo (SAN), who recently assumed the role of Director of Public Prosecutions of the Federation, argued strongly in favor of the forfeiture, while Oceangate’s lawyer, Darlington Ozurumba, presented a robust defense. The court had previously granted an interim forfeiture order in August 2025, directing the EFCC to publish it in a national daily to allow any interested parties to stake their claims.

EFCC’s Allegations: Funds from Unlawful Activities?

The EFCC claims the $13 million represents proceeds of unlawful activities, specifically linked to the acquisition of two oil prospecting licenses – PPL 302 (deep offshore) and PPL 3007 (shallow water) – awarded to Oceangate by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in 2024. According to the anti-graft agency, Oceangate participated in a bidding process and was required to pay a total of $37.2 million in signature bonuses, with the disputed $13 million forming part of these payments made between March 20 and April 3, 2025.

In affidavits filed by EFCC investigator Usman Aliyu, the commission alleges that Oceangate conspired with unlicensed Bureau de Change (BDC) operators and bank officials to handle the funds outside proper financial channels. Key figures mentioned include Suleiman Muhammed Chiroma, who allegedly coordinated cash collections totaling $13 million in Abuja and Lagos without using financial institutions. Chiroma reportedly engaged Dantani Abubakar Hassan of Ashrab Energy and Oil Services Ltd and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Ltd to receive and convert over N4.4 billion from Lagos State Government contractors into dollars.

The EFCC further asserts that these contractors, who executed projects for Lagos State, had no legitimate business ties with Oceangate and were neither investors nor shareholders in the company. “The funds are reasonably suspected to be proceeds of unlawful activity, derived from public money meant for Lagos State projects,” the EFCC stated in court documents. They described Oceangate as a “briefcase/shell company” created to hold assets procured with tainted funds, dismissing the firm’s self-description as a professional oil and gas consortium.

Investigations reportedly uncovered WhatsApp conversations between Achimugu and Chiroma, along with fabricated proforma invoices and debt financing letters to legitimize the transactions. The EFCC also questioned the credibility of Oceangate’s audit report, prepared by Godwin Ukah, who admitted he did not review the company’s account statements and confirmed that Oceangate has not earned from oil exploration activities.

Achimugu, in her extrajudicial statement, acknowledged significant control over Oceangate but denied any involvement in contracts, stating the company “does not do contracts for now.”

Oceangate’s Defense: Legitimate Sources and Gifts

Oceangate, in its affidavit deposed by director Iliya Wakil, vehemently denies the allegations, claiming the $13 million was legitimately sourced – partly from company earnings and partly from gifts to Achimugu. The firm argues that Chiroma was a licensed BDC agent engaged to source dollars for the mandatory USD payments to NUPRC, and that Oceangate had no knowledge or control over his associates like Hassan or Usman.

Wakil, described by the EFCC as a “nominal director” employed by Achimugu’s Felak Concept Group, maintained that all transactions followed due process. Oceangate has also filed a motion to set aside the interim forfeiture, citing lack of jurisdiction and violation of fair hearing principles.

Background and Previous Forfeiture

This case follows a similar EFCC victory in September 2025, when the same court ordered the final forfeiture of $7 million recovered from a Providus Bank branch in Ikoyi, Lagos, after no claims were made. Felak Group, Achimugu’s parent company, issued a statement denying any links to that transaction.

Achimugu, known for her lavish lifestyle and philanthropy, has faced scrutiny before. Recent reports indicate the EFCC declared her wanted in early 2024 for alleged money laundering, though details remain sparse.

Social media reactions on X (formerly Twitter) have been mixed, with some users questioning the EFCC’s motives and others calling for transparency in oil block allocations.

Implications for Nigeria’s Anti-Corruption Fight

As Nigeria continues its battle against corruption in the oil sector, this case highlights ongoing concerns over the transparency of license awards and fund sourcing. If forfeited, the $13 million would boost federal coffers, potentially funding public projects. However, a ruling in Oceangate’s favor could raise questions about the EFCC’s investigative processes.

NaijaChoice News will monitor developments and provide updates as the March 25 ruling approaches.