A Nigerian court has ordered the forfeiture of $13 million linked to an oil and gas firm, ruling that the money was likely derived from unlawful activities.
The decision was handed down by the Federal High Court in Abuja, where Justice Emeka Nwite granted the application filed by the Economic and Financial Crimes Commission (EFCC).
The funds were associated with Oceangate Engineering Oil & Gas Ltd and its chief executive, Aisha Achimugu.
According to the EFCC, the money had been traced to accounts connected with the Nigeria Upstream Petroleum Regulatory Commission and domiciled at the Central Bank of Nigeria.
In his ruling, Justice Nwite stated that the company failed to provide credible evidence to justify the origin of the funds. Assertions that the money came from gifts or legitimate oil sector earnings were deemed insufficient.
The judge also dismissed objections raised by defence counsel Darlington Ozurumba, including claims that the court lacked jurisdiction to issue an earlier interim forfeiture order.
The EFCC’s counsel, Rotimi Oyedepo, argued successfully that all statutory requirements had been met in securing both interim and final forfeiture orders.
Court documents revealed that Oceangate had made substantial payments to secure oil exploration licences, but investigators alleged that part of the funds was channelled through unauthorised cash transactions and intermediaries.
The EFCC further claimed that the company utilised funds linked to public sector contractors without any legitimate business relationship.
Oceangate denied the allegations, maintaining that it relied on a licensed foreign exchange agent and that all funds were lawfully sourced. However, the court found these explanations unconvincing.
In a final order, Justice Nwite ruled that the $13 million should be forfeited to the Federal Government, stating that the anti-corruption agency had satisfied all legal conditions.
The case forms part of broader efforts by Nigerian authorities to clamp down on financial crimes in the oil and gas sector.
