The Digest: A Federal High Court in Abuja has ordered the final forfeiture of $13 million linked to Lagos socialite Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Limited. Justice Emeka Nwite held that the Economic and Financial Crimes Commission successfully proved the funds were proceeds of fraud and unlawful activities. The court dismissed the company's claim that the money was accumulated gifts, noting that Achimugu failed to appear during proceedings and no alleged donors testified. The funds were reportedly used to pay for oil bloc signature bonuses.
Key Points:
- The court ruled that Oceangate Engineering failed to prove the legitimate source of the $13 million used for oil bloc payments.
- EFCC investigations revealed the company allegedly conspired with unlicensed BDC operators and bank officials to retain and transfer illicit funds.
- The funds were traced through multiple accounts and cash collections across Abuja and Lagos.
- The company had paid over $20 million to the federal government for oil prospecting licenses.
- A preliminary forfeiture order was issued in August 2025 before Wednesday's final ruling.
Sources: Vanguard News
