Court to Decide Fate of Alleged $13m Fraud Linked to Aisha Achimugu’s Firm.
By Bala Salihu Dawakin Kudu
Democracy Newsline
January 20, 2026.
The Federal High Court in Abuja has fixed March 25, 2026, to deliver its ruling on a high-profile application by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of 13 million dollars allegedly linked to unlawful activities involving Oceangate Engineering Oil & Gas Ltd, a company associated with prominent businesswoman, Dr Aisha Achimugu.
Justice Emeka Nwite adjourned the matter for ruling after lawyers to both parties adopted their written addresses and canvassed arguments for and against the application. The EFCC is asking the court to permanently forfeit the funds to the Federal Government, insisting that the money represents proceeds of unlawful activity allegedly used in the acquisition of two oil blocks.
Background of the case
The case stems from an interim forfeiture order granted by the court on August 22, 2025, following an ex parte application by the anti-graft agency. The order temporarily forfeited the $13 million linked to Oceangate Engineering Oil & Gas Ltd and directed the EFCC to publish the order in a national daily, inviting interested parties to show cause within 14 days why the funds should not be permanently forfeited.
According to the EFCC, intelligence reports had suggested that Oceangate Engineering Limited acquired oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) using funds reasonably suspected to be proceeds of unlawful activity.
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An EFCC investigator, Usman Aliyu, in an affidavit, traced the company’s financial transactions, stating that Oceangate was registered with the Corporate Affairs Commission on February 25, 2005. He said the company emerged as a successful bidder for oil blocks after technical and commercial evaluations by NUPRC and was subsequently required to fulfil certain financial obligations before the issuance of Petroleum Prospecting Licences (PPLs).
Aliyu disclosed that the total financial obligation required of the company before the issuance of the licences stood at $37,223,144.
He explained that payments were made in instalments through a Zenith Bank account, with several transfers amounting to millions of dollars to the Federal Government.
Further investigations, he said, showed that between March 20 and April 3, 2025, Oceangate paid a total of $20 million for the acquisition of PPL 302 and PPL 3007.
payments and conspiracy
Central to the EFCC’s case is the allegation that $13 million of the funds used for signature bonuses was sourced through illegal means. Aliyu alleged that Oceangate conspired with unlicensed Bureau de Change (BDC) operators and some bank officials to source and retain the funds outside the formal banking system.
He accused one Suleiman Muhammed Chiroma of collecting the cash on behalf of the company in Abuja and Lagos, without routing the money through financial institutions. According to him, Chiroma worked with Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited to collect and process the funds.
The EFCC further alleged that some of the money originated from contractors executing projects for the Lagos State Government. Aliyu claimed that large sums paid by the state to contractors were allegedly diverted, converted to dollars, and transferred to Oceangate’s bank account for the purpose of paying signature bonuses for the oil blocks.
“There were no contractual or business relationships between Oceangate and the contractors who transferred these public funds,” the investigator told the court, insisting that the money could not be traced to any legitimate business activity of Oceangate.
Oceangate Engineering Oil & Gas Ltd, however, strongly disputed the allegations. In an affidavit to show cause deposed to by one of its directors, Iliya Wakil, the company urged the court to discharge the interim forfeiture order.
Wakil argued that the funds used to pay the signature bonuses were derived from legitimate sources, including the lawful earnings of the company and personal gifts given to its Group Chief Executive Officer, Dr Aisha Achimugu.
He denied claims of conspiracy with unlicensed BDC operators, insisting that Suleiman Chiroma was a duly licensed BDC agent lawfully engaged to source foreign exchange, as the signature bonuses were required to be paid in US dollars.
The company also denied any knowledge of Dantani Hassan, Ashrab Energy and Oil Services Limited, Tirmizi Usman, or Tripple A & Tee Oil Nigeria Limited, stating that it had never transacted with them in any form.
Oceangate further argued that the interim forfeiture order was made without jurisdiction and in violation of its right to fair hearing. The company attached audited financial statements to support its claim that the funds were lawfully sourced.
In a counter-affidavit, the EFCC urged the court to dismiss Oceangate’s application, describing the company as a “briefcase or shell company” allegedly created to hold petroleum assets acquired with tainted funds.
Aliyu challenged the credibility of Wakil, describing him as a nominal director who was, in reality, an employee of Felak Concept Group Limited, another company allegedly owned by Achimugu. He claimed Wakil admitted during interrogation that he took instructions directly from Achimugu and relayed them to Chiroma.
The EFCC also faulted the audit report relied upon by Oceangate, alleging that the auditor admitted he did not examine the company’s bank statements and relied mainly on a memorandum of understanding rather than financial records.
Aliyu further told the court that Achimugu, in her extra-judicial statement, admitted having significant control over Oceangate and that the company had not actively engaged in oil and gas contracts.
The case has attracted significant public attention, coming against the backdrop of a related ruling by Justice Nwite on September 15, 2025, ordering the final forfeiture of $7 million recovered from Providus Bank after no claimant came forward.
While a company linked to Achimugu later denied any involvement in that transaction, the EFCC maintains that the $13 million currently before the court is similarly tainted and should be forfeited in the interest of justice and public policy.
All eyes are now on the Federal High Court as it prepares to rule on March 25, a decision that could have far-reaching implications for the parties involved and the ongoing fight against financial crimes in Nigeria.
(DEMOCRACY NEWSLINE NEWSPAPER, JANUARY 20TH 2026)
