$13M Seized: Court Orders Lagos Socialite’s Fortune Forfeited

Justice Emeka Nwite of the Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to Lagos socialite Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government. According to court records, the funds were proven by the Economic and Financial Crimes Commission (EFCC) to be proceeds of fraud and unlawful activities.

Delivering judgment on Wednesday, March 25, Justice Nwite dismissed claims by Oceangate seeking to reclaim the money, ruling that the company failed to provide sufficient evidence to justify the source of the funds. He stated that the firm “failed woefully” to demonstrate how the $13 million was obtained and affirmed that the EFCC met all legal requirements to classify the funds as illicit.

The court noted that Achimugu did not appear to contest the forfeiture, and none of the alleged donors of the funds testified. Justice Nwite emphasized that the burden of proving legitimate ownership rested with the company, which was not discharged. The judge further observed that Oceangate presented no records of business activity generating the funds and could not show evidence of payments from clients, strengthening the EFCC’s claim that the money was illicit.

The court recalled that an interim forfeiture order had been granted on August 22, 2025, following an ex parte application by the EFCC. The commission had published the order in a national newspaper, inviting interested parties to show cause within 14 days why the funds should not be permanently forfeited.

According to an affidavit deposed to by EFCC investigator Usman Aliyu, Oceangate allegedly used suspicious funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission. The company participated in the 2024 oil block licensing bids for deep offshore PPL 302 and shallow water PPL 3007, and was required to meet financial obligations totaling $37.2 million. The EFCC alleged that payments were made through several bank transactions and illicit channels, including unlicensed Bureau de Change operators, to move $13 million outside formal banking systems.

Oceangate, in its defense, argued that the funds were partly derived from legitimate business earnings and partly from gifts to Achimugu. The company maintained that the transactions were lawful and denied any conspiracy with unregistered operators or contractors. It also asserted that Suleiman Chiroma, mentioned in the EFCC investigation, acted independently as a licensed Bureau de Change operator.

The EFCC countered that Oceangate was effectively a shell company used to acquire petroleum assets with illicit funds, and challenged the credibility of the company’s audit report, which lacked verification of financial records. The commission also stated that Achimugu maintained significant control over the company, which had not executed any contracts in the public or private sector.

After reviewing the evidence, Justice Nwite upheld the EFCC’s position, ruling that Oceangate failed to prove legitimate ownership of the funds and ordered the final forfeiture of the $13 million to the Federal Government. The ruling follows a prior forfeiture of $7 million recovered from a Providus Bank Limited account in Lagos, reinforcing the EFCC’s stance on the disputed funds and concluding the protracted legal battle.