Aisha Achimugu's Company Responds to $13 Million Forfeiture Ruling

Oceangate Engineering Oil & Gas Limited, owned by socialite and entrepreneur Aisha Achimugu, has stated its intention to contest the Federal High Court's ruling in Abuja that mandates the forfeiture of $13 million, a payment it made to acquire two Nigerian oil blocks.

On Wednesday, Judge Emeka Nwite decreed the final forfeiture of the funds to the federal government, asserting that the money was derived from unlawful activities.

This ruling stemmed from an application by the Economic and Financial Crimes Commission (EFCC), which conducted an investigation revealing that the funds were proceeds of illegally obtained income by the company.

The EFCC indicated that a significant portion of the contested money was sourced from contractors engaged by the Lagos State Government for various projects and services.

Initially, the judge granted an interim forfeiture order months ago, affording Oceangate Engineering and any interested parties the chance to demonstrate the legitimacy of the funds' acquisition.

However, following a court hearing on Wednesday where the company's defense was dismissed, the judge deemed the forfeiture order permanent. According to reports, the company failed to satisfactorily substantiate the lawful nature of the funds.

In a statement disseminated on Thursday, Nnenna Onyeaso, the company’s secretary, criticized the ruling, calling it based on mere suspicion rather than substantiated evidence. She underscored that neither the company nor its executive leadership had been implicated in any wrongdoing.

"We have taken steps to engage our legal team to initiate an appeal. We trust in the integrity of the judicial system, and our faith remains steadfast," the statement read.

The firm underscored its commitment to transparency and adherence to the law, highlighting its contributions to Nigeria’s economy by employing local citizens.

Oceangate thanked its employees, partners, and clients for their unwavering support post-ruling and reiterated its belief in Nigeria as a positive investment environment where justice would ultimately prevail.

Additionally, it was reported that the Lagos State Government, under the leadership of Governor Babajide Sanwo-Olu, is currently under investigation by the EFCC concerning the $13 million forfeited funds.

Investigators are scrutinizing the ties between the Lagos State Government and the funds, which were found to be associated with contractors providing services to the state.

While the specifics surrounding the execution of this alleged scheme remain unclear, investigators noted it was unusual for contractors to engage in substantial payments to Achimugu's company, given no recognized business relationship existed.

It is still uncertain if Governor Sanwo-Olu had knowledge of or participated in the purported scheme, or if he is being investigated in relation to his administration under which the transactions occurred.

The EFCC, which initiated the forfeiture process last year based on its inquiries into Achimugu and her business associates, outlined how the disputed $13 million was raised from various sources, specifically implicating unidentified contractors of the Lagos State Government.

According to the EFCC’s filings, the funds were collected between March and April 2025 as part-payment for purchasing oil blocks, with Oceangate Engineering having successfully acquired two Petroleum Prospecting Licences (PPLs) the previous year.

The total amount due to the federal government for finalising the acquisition was stated to be $37.2 million, of which Oceangate had already paid $20 million by April 2025, before the EFCC’s intervention.

The EFCC investigator, Usman Aliyu, detailed that payments were made in multiple parts between March 20 and April 3, 2025, alleging that the firm colluded with unlicensed Bureau de Change operators and bank officials to retrieve the $13 million and to receive funds from contractors linked to the Lagos State Government.

Despite Oceangate's denial of any illicit conduct, the court ruling confirmed the company had not adequately demonstrated that the funds were legitimately earned.

Governor Sanwo-Olu or any affiliate of the Lagos State Government has yet to publicly comment on this matter. Attempts by PREMIUM TIMES to reach out to the Lagos State Attorney General and the Commissioner for Information regarding the investigation and its implications have been unsuccessful.