The EFCC gave details of the shady origin of the $13 million in court documents seeking final forfeiture of the funds to the federal government.
The Federal High Court in Abuja, has ordered a sum of $13 million dollars linked to businesswoman and socialite Aisha Achimugu's firm to be permanently forfeited to the Nigerian government.
Delivering judgement on the forfeiture application filed by the Economic and Financial Crimes Commission (EFCC), the judge, Emeka Nwite, held that both the company, Oceangate Engineering Oil & Gas Ltd, and Ms Achimugu failed to prove that the money was legitimately earned.
Mr Nwite struck down the argument by Oceangate's lawyer, Darlington Ozurumba, that the $13 million dollars came from gifts to Ms Achimugu and earnings from gas and oil-related contact.
Keep up with the latest headlines on WhatsApp | LinkedIn
The judge held that the claim could not be substantiated by material facts.
He also dismissed Mr Ozurumba's argument that the court lacked jurisdiction to have granted the 22 August 2025 interim forfeiture while the court sat as a vacation court.
The judge agreed with EFCC's lawyer, Rotimi Oyedepo, a Senior Advocate of Nigeria and Director of Public Prosecution of the Federation, that relevant laws, including Section 17 of the Advance Fee Fraud Act, 2006, were complied with in granting the order.
Mr Nwite also described the argument that the anti-graft agency was a meddlesome interloper since no person or corporate body had approached it to complain that their money was missing as "baseless."
On 22 August 2025, the judge granted the anti-graft agency's motion ex-parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the federal government over allegations that the fund was a proceed of unlawful activity.
The judge then directed the commission to publish the order in a national daily for interested person(s) to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
Oceangate mounted stiff opposition to the forfeiture move, maintaining that the money was legitimately earned by its CEO, Ms Achimugu.
On 20 January, this year, the court heard the final arguments of lawyers to the parties and fixed today (Wednesday) for judgement.
Controversies
The $13 million forfeiture case is part of the controversies that have swirled around Ms Achimugu and her wealth in recent years.
In January 2024, she hosted an extravaganza in Grenada to mark her 50th birthday. PREMIUM TIMES reported how Nigerian personalities and public office holders, including Lagos State Governor Babajide Sanwo-Olu, graced the celebration held in the Caribbean Island of Grenada.
In 2025, she came under EFCC investigations, leading to the commission declaring her wanted.
The EFCC declared her wanted in a 28 March 2025 public notice over her alleged involvement in money laundering and Ponzi scheme. EFCC linked her to the controversial MBA Trading and Capital Limited.
The declaration prompted Ms Achimugu to file a suit marked FHC/ABJ/CS/626/2025 seeking to restrain the EFCC and other agencies from arresting or detaining her.
She argued that her rights to freedom of movement, dignity, and privacy were under threat.
On 28 April, the judge, Inyang Ekwo of Federal High Court, Abuja, ordered her to submit herself to the EFCC for questioning.
On 29 April, EFCC arrested at the Nnamdi Azikiwe International Airport in Abuja upon her arrival from London at about 5 a.m. She has since been released from custody but continues facing investgations.
Although she has been charged with any crime, her name has been linked to suspicious funds in an ongoing criminal trial.
EFCC details suspicious origins of controversial $13 million
EFCC investigator, Usman Aliyu, detailed the suspicious origin of the funds in question in an affidavit he swore in support of the forfeiture applications.
Mr Aliyu recalled that commission received a credible intelligence report alleging that a company known as Oceangate Engineering Limited, without following due process, used funds reasonably suspected to be proceeds of unlawful activity to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Mr Aliyu said their investigation revealed that Oceangate, a limited liability company, was registered with the Corporate Affairs Commission (CAC) on 25 February 2005 with number: RC 617736.
He said in 2024, Oceangate participated in an oil block licensing bid for deep offshore PPL302 and shallow water- PPL 3007.
He said upon completion of technical and commercial bid, NUPRC notified the company of its winning bidder status and the condition precedent to be fulfilled before issuance of a licence to the company.
Mr Aliyu said it was discovered that the total financial obligations of Oceangate Ltd to the government before the issuance of the Petroleum Prospecting License (PPL) to the company was $37.2 million ($37, 223,144).
He said the company, through its Zenith Bank account number: 5074678281, at different installments, transferred millions of dollars to the federal government, in tranches: $1.1 million, $1.1 million, $3.8 million, $1.2 million, $3.05 million, $2.1 million, and $500,000.
The investigator said that on 27 and 28 March 2025, Providus Bank Limited, acting for and on behalf of Oceangate Engineering Oil and Gas Limited, transferred the total sum of $7 million to the federal government.
He said his team recovered the evidence of these transactions through Providus Bank Limited from the Central Bank of Nigeria (CBN) through a letter dated June 24,02025.
He said the company between 20 March 2025 and 3 April 2025, paid the total sum of $20 million to the federal government for the acquisition of the PPL 302 and PPL 3007.
The officer alleged that to fulfil the requirements for payments of the signature bonuses for PPL 302 and PPL 3007, Oceangate conspired with some unlicensed Bureau de Change (BDC) operators and bank officials to retain and transfer funds totalling $13 million which funds are reasonably suspected to be proceeds of unlawful activity.
'How millions of dollars was raised outside banking system'
The affidavit stated, "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.
"That whilst acting in concert with Oceangate Limited, Muhammed Chiroma engaged one Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and one Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited, to collect the said $9 million in cash and without going through a financial Institution for the sole purpose of using same to pay for the signature bonuses of the two oil blocks allocated to Oceangate Oil and Gas Limited."
He alleged that the company equally procured Chiroma, Tirmizi Usman and Dantani Hassan to receive funds reasonably suspected to be proceeds of unlawful activities from different contractors with the Lagos State Government.
He said to receive and retain funds reasonably suspected to be proceeds of unlawful activity from different contractors with Lagos State, Dantani Abubakar used his company, Ashrab Energy and Oil Services Limited, with account number 1229255048 domiciled in Zenith Bank Plc.
"That whilst still working in concert with Oceangate Engineering Oil and Gas Limited and Suleiman Chiroma, Dantani Abubakar used his company, Ashrab Energy and Oil Services Limited with account Number 1907084038 domiciled in Access Bank Plc to receive and retain the total sum of N855, 057, 560.00 from different contractors executing contracts for and on behalf of the Lagos State Government which sum reasonably suspected to be proceeds of unlawful activity," the investigator added.
He said the combine sum of N2, 455, 651, 560.00 received in both Zenith and Access Bank accounts of Ashrab Energy were converted to US dollars and subsequently transferred same to Oceangate's Zenith Bank account for onward payment for the signature bonus of the two oil blocks - PPL 302 and PPL 3007 allocated to the company, among other averments.
Mr Aliyu insisted that the $13 million used by Oceangate to pay for the Signature Bonuses in respect of PPL302 and PPL3007 were not proceeds of any lawful and legitimate business of Oceangate but rather represent funds reasonably suspected to be proceeds of unlawful activity.
According to him, part of the funds used by Oceangate Engineering Oil and Gas Limited to pay for the Signature bonuses in respect of PPL 302 & PPL 3007 was derived from the huge sum of money transferred by the Lagos State Government to the contractors for the execution of contracts for the benefit of the state.
The investigator alleged that there were never any contractual or business relationships between Oceangate and the contractors who transferred the aforementioned public funds to the account of the company (Oceangate Engineering).
He said the contractors, who transferred the aforementioned public funds to Oceangate, were neither investors, directors, nor shareholders in Oceangate.
Oceangate's defence
But Oceangate, in its affidavit contesting the forfeiture of the money, said the $13 million was used to pay for signature bonuses of Deep Offshore PPL 302 and Shallow Water PPL 3007 between 20 March 2025 and 3 April 2025.
Iliya Wakil, who swore the affidavit as one of the company's directors, prayed the court not to make the order of final forfeiture of the funds, claiming that they were derived partly from legitimate earnings of the company and partly gifts given to the Group Chief Executive Officer (GCEO) of the Company, Aisha Achimugu.
The company official maintained that the company did not conspire with any unregistered BDC operators and bank officials to retain and transfer the sum or any sum of money whatsoever which had anything to do with unlawful activity.
He argued that Suleiman Chiroma referred to by the EFCC in its application for interim forfeiture is a licensed BDC agent engaged lawfully by the company to help it source the US dollars needed by the company to settle the signature bonuses of PPL 302 and PPL 3007 oil blocks respectively as same was required to be paid in dollars by the Nigerian government.
He stated that Mr Chiroma acted fully independently and without any form of control by Oceangate Limited.
The director said the company did not know Dantani Hassan or the company known as Ashrab Energy and Oil Services Limited.
Besides, he said Oceangate did not know one Tirmizi Usman and Tripple A & Tee Oil Nigeria Limited, adding that the company had never met, dealt with or transacted with any of the persons mentioned in paragraphs 15 and 16 of the EFCC's affidavit in any manner and for any reason whatsoever.
He said Oceangate only relied fully and depended on the avowed expertise of
Mr Chiroma, a licensed BDC agent and believed that he followed the due process to source all the funds remitted to the company for the purpose of settling the signature bonuses as stated.
He said the entire naira swapped for the dollars came from legitimate sources, attaching the audited accounts of the company as exhibits.
Oceangate, in its motion on notice filed with the affidavit to show cause, sought an order setting aside the order of interim forfeiture of the $13 million which it claimed belong to it.
The company argued that the order was made by the court without requisite jurisdiction and against the principle of fair hearing.
EFCC countered Oceangate's claim
But EFCC, in its reply to the affidavit to show cause filed by Oceangate, prayed the court to dismiss the application.
Mr Aliyu, who also swore the affidavit on behalf of the commission, said the commission found that Iliya Wakil, who swore Oceangate's affidavit to show cause, was a mere nominal director with no shareholding status of the company.
Besides, the investigator said Wakil was an employee of Felak Concept Group Limited, also owned by Achimugu, and incorporated on 5 May 2000.
He said Wakil admitted, in his extrajudicial statement to his team on 15 April 2025 that he had worked with Felak Concept from 2000 to date.
He said Wakil also admitted that he held so many positions, "among which are Manager Admin, General Manager Admin and Finance and presently Group General Manager Admin and Finance.'
He said Wakil also stated that he had consistently drawn his monthly salary from his known employer Felak Concept and WishWhich Koncept Limited.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
He argued that there was no record of Wakil drawing a salary from Oceangate.
Besides, the officer said Wakil admitted in his extra-judicial statement that he got all his instructions from Ms Achimugu, the GCEO, and he, in turn, gave the same instructions to Mr Chiroma via telephone conversation.
Aliyu 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."
"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," Mr Aliyu wrote.
He alleged that the modus operandi of Oceangate is to acquire "petroleum-related assets with tainted funds."
The officer said the $13 million forfeited in the interim by the court to the federal government was not proceeds of any lawful, legitimate, provable, known and justifiable income of the company.
'Oceangate's audit report prepared without any accounts'
Mr Aliyu also stated that Oceangate equally procured an auditor, Godwin Ukah, to prepare an audit report which was attached to its affidavit to show cause as exhibit.
He said Mr Ukah was invited to the EFCC's office after which he volunteered his extra-judicial statement and admitted that he did not see the various account statements of Oceangate when he prepared the audit report.
Besides, he said Mr Ukah admitted that Oceangate had not actively earned from oil and gas exploration.
He said Mr Ukah, who prepared the audit report attached as exhibit relied solely on a memorandum of understanding and not the financial books of Oceangate.
Mr Aliyu said his team also invited Aisha Achimugu, the GCEO of Oceangate and she volunteered her extra-judicial statement.
According to him, Ms Achimugu admitted in her extra-judicial statement that she has the most significant control of Oceangate Oil and Gas Limited.
He said the businesswoman equally admitted that "Oceangate Oil & Gas Limited does not do contract for now nor has it carried out any contract either in private or public sector".
The investigator told the court that it would be in the interest of justice to forfeit the $13 million to the Federal Government, same having been reasonably suspected to be proceeds of unlawful activity.
NAN reports that the judge, Mr Nwite had, on 15 September 2025, ordered the final forfeiture of $7 million lodged in Providus Bank branch in Ikoyi, Lagos State, and recovered by the EFCC after nobody came forward to claim it.
A company, Felak Concept Group Limited, later issued a statement to dismiss reports linking its GCEO, Ms Achimugu, and its subsidiary, Oceangate Engineering Oil and Gas Ltd, to the controversial $7 million cash transaction allegedly tied to Providus Bank.
