Businesswoman Aisha Achimugu Kicks As EFCC Seeks Final Forfeiture of $13m Linked To Her Company

The Federal High Court in Abuja on Monday fixed March 25 to rule on an application by the Economic and Financial Crimes Commission, EFCC seeking the final forfeiture of $13 million linked to Oceangate Engineering Oil & Gas Ltd, a company associated with controversial businesswoman, Aisha Achimugu.

Justice Emeka Nwite adjourned for ruling after the Federal Director of Public Prosecutions and EFCC counsel, Rotimi Oyedepo (SAN), and Oceangate’s lawyer, Darlington Ozurumba, adopted their processes and argued for and against the application.

The anti-graft agency is asking the court to permanently forfeit the funds to the Federal Government, alleging they are proceeds of unlawful activity.

Justice Nwite had on August 22, 2025 granted the EFCC’s ex parte motion for interim forfeiture of the $13 million and ordered the commission 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 alleging that Oceangate used funds suspected to be illicit to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.

Aliyu said Oceangate, incorporated on February 25, 2005, participated in the 2024 oil licensing bid for Deep Offshore PPL 302 and Shallow Water PPL 3007 and was later declared a successful bidder.

He said the firm’s total financial obligation to the Federal Government before issuance of the licences stood at $37,223,144.

According to him, the company made several dollar payments through its Zenith Bank account, while Providus Bank later transferred $7 million to the Federal Government on its behalf in March 2025.

Aliyu said investigations showed that between March 20 and April 3, 2025, Oceangate paid $20 million to the government for the two oil blocks.

He alleged that to meet the 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.

Aliyu stated, “That one Suleiman Muhammed Chiroma was procured and aided by Oceangate Engineering Oil and Gas Limited to collect through his associates in cash and without going through a financial institution, both in Abuja and Lagos the total sum of $13,000,000.00.”

He added, “That whilst acting in concert with Oceangate Limited, Muhammed Chiroma engaged one Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and one Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited, to collect the said $9 million in cash and without going through a financial Institution for the sole purpose of using same to pay for the signature bonuses.”

The investigator further alleged that funds traced to Lagos State contractors were channelled through Ashrab Energy’s Zenith and Access Bank accounts, converted to dollars and transferred to Oceangate.

Aliyu insisted the $13 million “were not proceeds of any lawful and legitimate business of Oceangate but rather represent funds reasonably suspected to be proceeds of unlawful activity.”

Oceangate, however, opposed the application in an affidavit deposed to by a director, Iliya Wakil, who urged 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, Dr Aisha Achimugu, denying any conspiracy with unlicensed BDC operators.

He maintained that Chiroma was “a licensed BDC agent engaged lawfully by the company” and said Oceangate had no dealings with Dantani Hassan, Ashrab Energy, Tirmizi Usman or Tripple A & Tee Oil Nigeria Limited.

The EFCC, in a reply, urged the court to dismiss Oceangate’s application, describing Wakil as a nominal director acting on Achimugu’s instructions.

Aliyu alleged that Wakil admitted drawing salary from another Achimugu-owned firm and said Oceangate was “a briefcase/shell company created as a vehicle for the purpose of holding petroleum related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”

He added, “Hence, describing the company as ‘a professional oil and gas consortium, operating in diverse sectors of the oil and gas sectors of the Nigerian economy,’ is nothing but describing the devil as an angel of light.”

The EFCC also challenged the audit report relied on by Oceangate, claiming the auditor admitted he did not examine the firm’s account statements.

Aliyu told the court that Achimugu admitted having significant control of the company and that Oceangate “does not do contract for now nor has it carried out any contract either in private or public sector.”

Justice Nwite adjourned the matter till March 25 for ruling.

The court had earlier ordered the final forfeiture of $7 million linked to Providus Bank after no claimant emerged, a development later denied by a related company, Felak Concept Group Limited.