A federal court in Nigeria on Monday fixed March 25 to rule on an application by the country’s anti-graft agency seeking the final forfeiture of $13 million linked to a company associated with businesswoman Aisha Achimugu.
Justice Emeka Nwite of the Federal High Court in Abuja adjourned for ruling after lawyers for the Economic and Financial Crimes Commission and Oceangate Engineering Oil and Gas Ltd adopted their written arguments for and against the application.
The EFCC is asking the court to permanently forfeit the funds to the federal government, alleging they are proceeds of unlawful activity. Justice Nwite had on Aug. 22, 2025, granted the commission’s request for interim forfeiture of the money and ordered the agency to publish the order in a national newspaper for interested parties to show cause within 14 days.
In an affidavit supporting the application, an EFCC investigator, Usman Aliyu, said the commission received intelligence suggesting that Oceangate used illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.
Aliyu said Oceangate, incorporated in 2005, participated in the 2024 oil licensing round for Deep Offshore PPL 302 and Shallow Water PPL 3007 and was later declared a successful bidder. He said the company’s total financial obligation to the federal government before the issuance of the licenses stood at $37.22 million.
According to the investigator, the firm made several dollar-denominated payments through its Zenith Bank account, while Providus bank later transferred $7 million to the government on its behalf in March 2025. He said investigations showed that between March 20 and April 3, 2025, Oceangate paid a total of $20 million for the two oil blocks.
Aliyu alleged that to meet signature bonus requirements, the company conspired with unlicensed bureau de change operators and bank officials to retain and transfer $13 million suspected to be illicit funds.
He claimed that a man identified as Suleiman Muhammed Chiroma was procured by Oceangate to collect the money in cash, without passing through financial institutions in Abuja and Lagos. He further alleged that Chiroma engaged associates to collect part of the funds for use in paying the signature bonuses.
The investigator also alleged that funds traced to Lagos State contractors were routed through bank accounts linked to other companies, converted to dollars and transferred to Oceangate.
“These funds were not proceeds of any lawful and legitimate business of Oceangate,” Aliyu said, adding that they were reasonably suspected to be proceeds of unlawful activity.
Oceangate opposed the application in a counter-affidavit deposed to by a director, Iliya Wakil, urging the court to set aside the interim forfeiture order. Wakil said the funds were derived from legitimate earnings and gifts to the company’s group chief executive officer, Aisha Achimugu, and denied any conspiracy with unlicensed currency dealers.
He maintained that Chiroma was a licensed bureau de change operator lawfully engaged by the company and said Oceangate had no dealings with the individuals and firms named by the EFCC.
In a reply, the anti-graft agency asked the court to dismiss Oceangate’s application, describing Wakil as a nominal director acting on Achimugu’s instructions. Aliyu alleged that Wakil admitted drawing a salary from another Achimugu-owned company and described Oceangate as a shell company created to hold petroleum assets allegedly acquired with illicit funds.
Justice Nwite adjourned the matter until March 25 for ruling.
