In
a judgment on Wednesday, Justice Nwite held that the foreign currency
has been well established by the Economic and Financial Crimes
Commission, EFCC, to be proceeds of fraud and unlawful activities.
Justice Emeka Nwite of the Federal High Court in Abuja has ordered
the final forfeiture of $13 million to the Federal Government, funds
linked to Lagos socialite Ms. Aisha Achimugu and her company, Oceangate
Engineering Oil & Gas Ltd.
In a judgment on Wednesday, Justice Nwite held that the foreign
currency has been well established by the Economic and Financial Crimes
Commission, EFCC, to be proceeds of fraud and unlawful activities.
Delivering judgment in a suit instituted by Oceangate Engineering Oil
& Gas Ltd to claim the fund, the judge held that the company failed
woefully to establish how it came about the money.
On the contrary, Justice Nwite said the EFCC satisfied all
requirements for the fund to be classified as proceeds of fraud and to
be forfeited to the appropriate authority.
The judge dismissed the claims that the $13 million was gifts
received by Oceangate Engineering Company through Aisha Achimugu, adding
that the said Aisha Achimugu never came to the court to show cause on
why the huge fund should not be forfeited to the Federal Government.
Justice Nwite also noted that no single person who gave the monetary
gift to Aisha Achimugu to the tune of $13 million was called to testify.
The judge held that the burden to establish genuine ownership of the
money was not established by the applicant to counter the claims of the
anti- graft agency that the money was proceeds of fraud based on its
investigation.
According to the judge, Oceangate Engineering Company did not show
the business it undertook that fetched it the money and did not also
show whether any payment was made to it by any of its customers.
Justice Nwite had on 22 August 2025, granted the anti-graft agency’s
ex-parte motion for an interim order forfeiting the sum of $13 million
linked to Oceangate Ltd to the Federal Government over allegations that
the fund was a proceed of unlawful activity.
The judge had then directed the Commission to publish the order in a
national daily for interested person(s) to show cause within 14 days why
the fund should not be permanently forfeited to the Federal Government.
EFCC investigator, Usman Aliyu, swore to an affidavit filed in
support of the application, stating that the Commission received a
credible intelligence report alleging that a company known as Oceangate
Engineering Limited, without following due process, used funds
reasonably suspected to be proceeds of unlawful activity to acquire oil
blocks from the Nigerian Upstream Petroleum Regulatory Commission,
NUPRC.
Aliyu said investigations revealed that Oceangate, a limited
liability company, was registered with the Corporate Affairs Commission,
CAC, on 25 February 2005 with number: RC 617736.
He said in 2024, Oceangate participated in an oil block licensing bid for deep offshore PPL302 and shallow water- PPL 3007.
He said upon completion of technical and commercial bid, NUPRC
notified the company of its winning bidder status and the condition
precedent to be fulfilled before issuance of a licence to the company.
Aliyu said it was discovered that the total financial obligations of
Oceangate Ltd to the government before the issuance of the Petroleum
Prospecting License (PPL) to the company was $37.2 million ($37,
223,144).
He said the company, through its Zenith Bank account number –
5074678281 – at different installments, transferred millions of dollars
to the Federal Government, in tranches of $1.1 million, $1.1 million,
$3.8 million, $1.2 million, $3.05 million, $2.1 million, and $500, 000.
The investigator said that on 27 and 28 March 2025, Providus Bank
Limited, acting for and on behalf of Oceangate Engineering Oil and Gas
Limited, transferred the total sum of $7 million to the Federal
Government.
He said his team recovered the evidence of these transactions through
Providus Bank Limited from the Central Bank of Nigeria, CBN, through a
letter dated June 24,02025.
He said the company between 20 March 2025 and 3 April 2025, paid the
total sum of $20 million to the Federal Government for the acquisition
of the PPL 302 and PPL 3007.
The officer alleged that to fulfil the requirements for payments of
the signature bonuses for PPL 302 and PPL 3007, Oceangate conspired with
some unlicensed Bureau de Change operators and bank officials to retain
and transfer funds totalling $13 million which funds are reasonably
suspected to be proceeds of unlawful activity.
The affidavit 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.
“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 of the two oil blocks allocated to
Oceangate Oil and Gas Limited.”
Aliyu alleged that the company equally procured Chiroma, Tirmizi
Usman and Dantani Hassan to receive funds reasonably suspected to be
proceeds of unlawful activities from different contractors with the
Lagos State Government.
He said to receive and retain funds reasonably suspected to be
proceeds of unlawful activity from different contractors with Lagos
State, Dantani Abubakar used his company, Ashrab Energy and Oil Services
Limited, with account number 1229255048 domiciled in Zenith Bank Plc.
“That whilst still working in concert with Oceangate Engineering Oil
and Gas Limited and Suleiman Chiroma, Dantani Abubakar used his company,
Ashrab Energy and Oil Services Limited with account Number 1907084038
domiciled in Access Bank Plc to receive and retain the total sum of
N855, 057, 560.00 from different contractors executing contracts for and
on behalf of the Lagos State Government which sum reasonably suspected
to be proceeds of unlawful activity,” the investigator added.
He said the combined sum of N2, 455, 651, 560.00 received in both
Zenith and Access Bank accounts of Ashrab Energy were converted to US
dollars and subsequently transferred same to Oceangate’s Zenith Bank
account for onward payment for the signature bonus of the two oil blocks
– PPL 302 and PPL 3007 allocated to the company, among other averments.
Aliyu insisted that the $13 million used by Oceangate to pay for the
Signature Bonuses in respect of PPL302 and PPL3007 were not proceeds of
any lawful and legitimate business but rather represent funds reasonably
suspected to be proceeds of unlawful activity.
According to him, part of the funds used by Oceangate Engineering Oil
and Gas Limited to pay for the Signature bonuses in respect of PPL 302
& PPL 3007 was derived from the huge sum of money transferred by the
Lagos State Government to the contractors for the execution of
contracts for the benefit of the state.
The investigator alleged that there were never any contractual or
business relationships between Oceangate and the contractors who
transferred the aforementioned public funds to the account of the
company.
He said the contractors, who transferred the aforementioned public
funds to Oceangate, were neither investors, directors, nor shareholders
in Oceangate.
But Oceangate, in its affidavit to show cause sworn by one of the
company’s directors, Iliya Wakil, said it came to his knowledge that the
court made an order of interim forfeiture of the company’s $13 million
used to pay for the signature bonuses of Deep Offshore PPL 302 and
Shallow Water PPL 3007 between 20 March 2025 and 3 April 2025.
The company official prayed the court not to make the order of final
forfeiture of the funds because all the funds were derived partly from
legitimate earnings of the company and partly gifts given to the Group
Chief Executive Officer of the Company, Aisha Achimugu.
He maintained that the company did not conspire with any unregistered
BDC operators and bank officials to retain and transfer the sum or any
sum of money whatsoever which had anything to do with unlawful activity.
He argued that Suleiman Chiroma referred to by the EFCC in its
application for interim forfeiture is a licensed BDC agent engaged
lawfully by the company to help it source the US dollars needed by the
company to settle the signature bonuses of PPL 302 and PPL 3007 oil
blocks respectively as same was required to be paid in dollars by the
Nigerian government.
He stated that Chiroma acted fully independently and without any form of control by Oceangate Limited.
The director said the company did not know Dantani Hassan or the company known as Ashrab Energy and Oil Services Limited.
Besides, he said Oceangate did not know one Tirmizi Usman and Tripple
A & Tee Oil Nigeria Limited, adding that the company had never met,
dealt with or transacted with any of the persons mentioned in
paragraphs 15 and 16 of the EFCC’s affidavit in any manner and for any
reason whatsoever.
He said Oceangate only relied fully and depended on the avowed expertise of
Mr Chiroma, a licensed BDC agent and believed that he followed the
due process to source all the funds remitted to the company for the
purpose of settling the signature bonuses as stated.
He said the entire naira swapped for the dollars came from legitimate
sources, attaching the audited accounts of the company as exhibits.
Oceangate, in its motion on notice filed with the affidavit to show
cause, sought an order setting aside the order of interim forfeiture of
the $13 million which it claimed belong to it.
The company argued that the order was made by the court without
requisite jurisdiction and against the principle of fair hearing.
But EFCC, in its reply to the affidavit to show cause filed by Oceangate, prayed the court to dismiss the application.
Aliyu, who also swore the affidavit on behalf of the commission, said
the commission found that Iliya Wakil, who swore Oceangate’s affidavit
to show cause, was a mere nominal director with no shareholding status
of the company.
Besides, the investigator said Wakil was an employee of Felak Concept
Group Limited, also owned by Achimugu, and incorporated on May 5, 2000.
He said Wakil admitted, in his extrajudicial statement to his team on
15 April 2025 that he had worked with Felak Concept from 2000 to date.
He said Wakil also admitted that he held so many positions, “among
which are Manager Admin, General Manager Admin and Finance and presently
Group General Manager Admin and Finance.’
He said Wakil also stated that he had consistently drawn his monthly
salary from his known employer Felak Concept and WishWhich Koncept
Limited.
He argued that there was no record of Wakil drawing a salary from Oceangate.
Besides, the officer said Wakil admitted in his extra-judicial
statement that he got all his instructions from Achimugu, the GCEO, and
he, in turn, gave the same instructions to Chiroma via telephone
conversation.
Aliyu described Oceangate as “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.”
“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,” Aliyu wrote.
He alleged that the modus operandi of Oceangate is to acquire “petroleum-related assets with tainted funds.”
The officer said the $13 million forfeited in the interim by the
court to the federal government was not proceeds of any lawful,
legitimate, provable, known and justifiable income of the company.
Aliyu also stated that Oceangate equally procured an auditor, Godwin
Ukah, to prepare an audit report which was attached to its affidavit to
show cause as exhibit.
He said Ukah was invited to the EFCC’s office after which he
volunteered his extra-judicial statement and admitted that he did not
see the various account statements of Oceangate when he prepared the
audit report.
Besides, he said Ukah admitted that Oceangate had not actively earned from oil and gas exploration.
He said Ukah, who prepared the audit report attached as exhibit
relied solely on a memorandum of understanding and not the financial
books of Oceangate.
Aliyu said his team also invited Aisha Achimugu, the GCEO of Oceangate and she volunteered her extra-judicial statement.
According to him, Achimugu admitted in her extra-judicial statement
that she has the most significant control of Oceangate Oil and Gas
Limited.
He said the businesswoman equally admitted that “Oceangate Oil &
Gas Limited does not do contract for now nor has it carried out any
contract either in private or public sector”.
The investigator told the court that it would be in the interest of
justice to forfeit the $13 million to the Federal Government, same
having been reasonably suspected to be proceeds of unlawful activity.
The judge had, on 15 September 2025, ordered the final forfeiture of
$7 million lodged in Providus Bank branch in Ikoyi, Lagos State, and
recovered by the EFCC after nobody came forward to claim it.
A company, Felak Concept Group Limited, later issued a statement to
dismiss reports linking its GCEO, Achimugu, and its subsidiary,
Oceangate Engineering Oil and Gas Ltd, to the controversial $7 million
cash transaction allegedly tied to Providus Bank.
