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Businesswoman Achimugu Kicks as EFCC Seeks Final Forfeiture of $13m
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 businesswoman Dr Aisha Achimugu.
Justice Emeka Nwite adjourned for ruling on Monday after counsel to the EFCC, Rotimi Oyedepo (SAN), and Oceangate’s lawyer, Darlington Ozurumba, adopted their processes and argued for and against the application.
The anti-graft agency is urging the court to permanently forfeit the funds to the Federal Government, alleging that the money represents proceeds of unlawful activity.
Background to the Case
On August 22, 2025, Justice Nwite granted the EFCC’s ex parte motion for interim forfeiture of the $13m and ordered the commission to publish the order in a national newspaper, inviting interested parties to show cause within 14 days.
In an affidavit supporting the application, EFCC investigator Usman Aliyu said the commission received intelligence alleging that Oceangate used suspected illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to Aliyu, Oceangate incorporated on February 25, 2005 participated in the 2024 oil licensing bid for Deep Offshore PPL 302 and Shallow Water PPL 3007, and was later declared a successful bidder.
He stated that the company’s total financial obligation to the Federal Government before licence issuance was $37,223,144, adding that several dollar payments were made through Zenith Bank, while Providus Bank transferred $7m to the government on Oceangate’s behalf in March 2025.
Aliyu further alleged that between March 20 and April 3, 2025, Oceangate paid $20m to the Federal Government for the two oil blocks.
Allegations of Illicit Cash Transfers
The EFCC claimed that to meet signature bonus requirements, the company conspired with unlicensed Bureau de Change (BDC) operators and bank officials to retain and transfer $13m suspected to be illicit funds.
Aliyu told the court:
“That one Suleiman Muhammed Chiroma was procured and aided by Oceangate Engineering Oil and Gas Limited to collect through his associates in cash and without going through a financial institution, both in Abuja and Lagos, the total sum of $13,000,000.00.”
He added that Chiroma allegedly engaged Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited to collect $9m in cash, purportedly to pay signature bonuses.
The investigator also alleged that funds traced to Lagos State contractors were channelled through Ashrab Energy’s Zenith and Access Bank accounts, converted to dollars, and transferred to Oceangate.
Aliyu insisted that the $13m “were not proceeds of any lawful and legitimate business of Oceangate but rather represent funds reasonably suspected to be proceeds of unlawful activity.”
Oceangate, Achimugu Deny Allegations
Oceangate opposed the application in an affidavit deposed to by a director, Iliya Wakil, urging the court to set aside the interim forfeiture order.
Wakil said the funds were derived from legitimate earnings and gifts to the company’s Group Chief Executive Officer, Dr Aisha Achimugu, and denied any conspiracy with unlicensed BDC operators.
He maintained that Chiroma was “a licensed BDC agent engaged lawfully by the company” and denied any dealings with Ashrab Energy, Tripple A & Tee Oil Nigeria Limited, or their principals.
EFCC’s Rejoinder
In a reply, the EFCC urged the court to dismiss Oceangate’s objection, describing Wakil as a nominal director acting on Achimugu’s instructions.
Aliyu alleged that Wakil admitted drawing salary from another Achimugu-owned firm and described Oceangate as “a briefcase/shell company created as a vehicle for the purpose of holding petroleum-related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”
He added:
“Hence, describing the company as ‘a professional oil and gas consortium, operating in diverse sectors of the oil and gas sectors of the Nigerian economy,’ is nothing but describing the devil as an angel of light.”
The EFCC also challenged the audit report relied upon by Oceangate, claiming the auditor admitted he did not examine the company’s bank statements.
Aliyu further told the court that Achimugu admitted having significant control of the company and that Oceangate “does not do contract for now nor has it carried out any contract either in private or public sector.”
Earlier Forfeiture
The court had earlier ordered the final forfeiture of $7m linked to Providus Bank after no claimant emerged an order later disputed by a related firm, Felak Concept Group Limited.
Justice Nwite adjourned the matter to March 25 for ruling.
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