Delivering judgment on Wednesday, Justice Emeka Nwite held that the company failed to satisfactorily explain the source of the funds, which the court found to be proceeds of unlawful activities.
The case stemmed from a suit filed by Oceangate Engineering Oil & Gas Ltd seeking to reclaim the $13 million earlier forfeited to the government on an interim basis. However, the court ruled that the applicant “failed woefully” to establish legitimate ownership of the money, affirming the EFCC’s position that the funds were proceeds of fraud.
Justice Nwite also dismissed claims that the money represented gifts to Achimugu, noting that neither the businesswoman nor any alleged donors appeared before the court to substantiate the claims. He further observed that no evidence was presented to show any business transactions or services that could have generated such funds.
The judge emphasized that the burden of proof rested on the applicant to demonstrate lawful ownership, which it failed to discharge. Consequently, the court upheld the EFCC’s application for final forfeiture.
Earlier, on August 22, 2025, the court had granted an interim forfeiture order and directed the EFCC to publish a notice inviting interested parties to show cause why the funds should not be permanently forfeited.
In its filings, the anti-graft agency, through its investigator, alleged that the funds were linked to suspicious financial transactions involving the acquisition of oil assets from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The EFCC maintained that the money used for signature bonuses on oil blocks PPL 302 and PPL 3007 did not originate from legitimate business activities.
The Commission further claimed that part of the funds was traced to payments made by a state government to contractors, who subsequently transferred the money to Oceangate without any established contractual relationship.
Despite Oceangate’s defence that the funds were derived from legitimate earnings and gifts to its Group Chief Executive Officer, the court ruled in favour of the EFCC, bringing the matter to a close with the forfeiture of the $13 million to the Federal Government.
The judgment underscores ongoing efforts by the EFCC to clamp down on financial crimes and enforce accountability in the management of public and private funds.
