The Federal High Court in Abuja has scheduled March 25 to deliver a ruling on an application by the Economic and Financial Crimes Commission (EFCC) seeking the permanent forfeiture of $13 million linked to Oceangate Engineering Oil & Gas Ltd, a company associated with businesswoman Aisha Achimugu.

Justice Emeka Nwite adjourned for ruling after hearing arguments from the EFCC, represented by Rotimi Oyedepo (SAN) and the Federal Director of Public Prosecutions, and Oceangate’s counsel, Darlington Ozurumba. Both parties had adopted their processes and presented their cases for and against the application.

The EFCC is asking the court to permanently forfeit the funds to the Federal Government, alleging that they are proceeds of unlawful activity.

On August 22, 2025, Justice Nwite 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 a supporting affidavit, EFCC investigator Usman Aliyu said the commission received intelligence that Oceangate allegedly used illicit funds to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission.

According to Aliyu, 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. The company’s total financial obligation to the Federal Government before issuance of the licences stood at $37,223,144.

Aliyu stated that the firm 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. Between March 20 and April 3, 2025, Oceangate paid $20 million 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.

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

He added that Chiroma, acting with Oceangate, engaged Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited to collect $9 million in cash to pay signature bonuses. Investigations also revealed that funds traced to Lagos contractors were channelled through Ashrab Energy’s bank accounts, converted to dollars, and transferred to Oceangate.

Aliyu maintained that 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 by 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, 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 that Oceangate had no dealings with Hassan, Usman, or the other named entities.

The EFCC, in a reply, asked the court to dismiss Oceangate’s opposition, describing Wakil as a nominal director acting on Achimugu’s instructions. Aliyu alleged that Wakil admitted drawing a salary from another Achimugu-owned firm and claimed that Oceangate was “a briefcase company created to hold petroleum-related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”

Aliyu also challenged the audit report relied upon by Oceangate, noting that the auditor admitted not examining the firm’s account statements. He told the court that Achimugu had significant control of the company, which “does not currently undertake contracts nor has it carried out any contract in the private or public sector.”

Justice Nwite adjourned the matter until March 25 for ruling.

Earlier, the court had 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.