$13M Battle: Achimugu’s Company Takes Legal Fight To Appeal Court

Oceangate Engineering Oil & Gas Limited, a firm owned by businesswoman Aisha Achimugu, has indicated its intention to challenge a Federal High Court ruling in Abuja which ordered the forfeiture of $13 million linked to the acquisition of two oil blocks. According to Ireporter Online, the decision was delivered by Emeka Nwite, who ruled that the funds in question were not legitimately earned and should be permanently forfeited to the Federal Government.

The judgement followed a motion by the Economic and Financial Crimes Commission (EFCC), which maintained that its investigations traced the funds to unlawful activities associated with the company. The agency further alleged that a portion of the money originated from unnamed contractors engaged by the Lagos State Government for various projects and services.

The court had earlier issued an interim forfeiture order to allow the company and other interested parties to justify the origin of the funds. However, upon review of the submissions, the court dismissed Oceangate’s defence and upheld the permanent forfeiture.

In a statement issued by the company’s secretary, Nnenna Onyeaso, the ruling was described as a civil asset forfeiture based on suspicion rather than conclusive proof. She emphasized that neither the company nor its executives had been convicted of any offence, adding that legal counsel had already been instructed to file an appeal.

The company expressed confidence in the judicial process, noting that the appellate system exists to review such outcomes. It maintained that a comprehensive reassessment of the facts would ultimately validate the integrity of its operations.

Court documents cited by officials familiar with the case indicate that the EFCC launched its probe after tracing $13 million used in acquiring oil assets to transactions considered suspicious. Investigators revealed that the funds were raised between March and April 2025 as part payment for two oil blocks awarded to the company in 2024, including Deep Offshore Petroleum Prospecting Licence 302 and Shallow Water PPL 3007.

According to findings presented in court, the total required payment for the assets stood at $37.2 million, with $20 million reportedly paid in instalments before the intervention of authorities. An EFCC investigator, Usman Aliyu, stated in an affidavit that the funds were allegedly sourced through unlicensed Bureau de Change operators and facilitated by certain bank officials.

The anti-graft agency also claimed that payments were received from contractors linked to the Lagos State Government despite no established business relationship with the company. While investigators are said to be examining the possible involvement of public officials, there has been no confirmation of any connection to Lagos State Governor Babajide Sanwo-Olu.

Despite the allegations, Oceangate has continued to deny any wrongdoing, insisting that the funds were lawfully obtained. The company reaffirmed its commitment to pursuing legal redress, while assuring stakeholders that its operations would continue uninterrupted and in compliance with regulatory standards.