The Federal High Court in Abuja will on 25 March deliver its ruling 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.
Justice Emeka Nwite fixed the date after hearing arguments from the EFCC and Oceangate’s legal teams on the application for final forfeiture of the funds, which the anti-graft agency claims are proceeds of unlawful activity.
The EFCC had earlier secured an interim forfeiture order on 22 August 2025, directing that the money be temporarily forfeited to the Federal Government pending a final determination. The court also ordered the publication of the order to allow interested parties to contest the forfeiture.
According to the EFCC, investigations revealed that Oceangate used illicitly sourced funds to pay signature bonuses for oil blocks PPL 302 and PPL 3007 awarded by the Nigerian Upstream Petroleum Regulatory Commission.
An EFCC investigator, Usman Aliyu, alleged that although the company paid part of its obligations through bank transfers, $13 million was sourced through cash transactions involving alleged unlicensed Bureau de Change operators and intermediaries. The funds were said to have originated from contractors handling projects for the Lagos State Government and were later converted to dollars for payment to the Federal Government.
The commission argued that the funds were neither proceeds of Oceangate’s legitimate business nor traceable to lawful income, urging the court to order their permanent forfeiture.
Oceangate, however, opposed the application, describing the allegations as false and misleading. In an affidavit filed by director Iliya Wakil, the company said the funds were lawfully sourced, partly from its earnings and partly as personal gifts to its Group Chief Executive Officer, Dr Aisha Achimugu.
The company denied conspiring with any unlicensed operators and maintained that it engaged a licensed Bureau de Change agent to source foreign exchange in compliance with regulatory requirements. It also denied any knowledge of, or transactions with, the individuals and companies named by the EFCC.
In its reply, the EFCC challenged Wakil’s credibility, describing him as a nominal director acting on the instructions of Achimugu. The commission further alleged that Oceangate had no substantial business operations and was merely a vehicle for holding petroleum assets acquired with suspect funds.
Justice Nwite adjourned the case to 25 March for ruling.
NAN recalled that the court had previously ordered the final forfeiture of $7 million recovered from Providus Bank in a related matter, after no claimant came forward to establish ownership of the funds.
