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Oceangate Engineering Oil & Gas Limited, a company belonging to socialite and businesswoman Aisha Achimugu, has said it will appeal the judgement of the Federal High Court in Abuja ordering the forfeiture of the $13 million it paid to acquire two Nigerian oil blocks.
Judge Emeka Nwite issued an order of final forfeiture of the money to the federal government in a judgement on Wednesday, ruling that the money was not earned legitimately by the company.
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The ruling was based on an application by the Economic and Financial Crimes Commission (EFCC), which said its investigations revealed the money to be proceeds of unlawful activities of the company.
The money, according to the EFCC, included funds illegitimately obtained from some unnamed contractors engaged by the Lagos State Government to provide services or execute projects.
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The judge initially granted an order of interim forefeiture of the money months ago to allow Oceangate Engineering and whoever had interest in it to come forward to show how the funds were earned.
On Wednesday, the judge made the forfeiture order permanent after dismissing the company’s defence which he ruled failed to prove the money was lawfully earned.
In a statement shared with PREMIUM TIMES on Thursday, the firm’s secretary, Nnenna Onyeaso, described the ruling as a civil asset forfeiture order based on suspicion rather than proof, noting that neither the company nor its leadership had been found guilty of any wrongdoing.
“We have already instructed our legal counsel to file an appeal. We have always believed in the ability of the judicial process, and that belief has not wavered.
“The appellate process exists for exactly this kind of outcome, and we are confident that a thorough review of the facts will speak for itself and for the integrity with which this company has always operated,” the statement said.
Oceangate said it remained confident that the outcome of the appeal would affirm the integrity of its operations.
The company also reiterated its commitment to continuing its business activities, stating that it employs Nigerians and contributes to the country’s economy.
It thanked its employees, partners, and clients for their support following the ruling, while pledging to uphold transparency and respect for the rule of law.
Oceangate further expressed confidence in Nigeria as a viable investment destination, saying it believes justice will ultimately prevail.
This newspaper further exclusively reported on Wednesday that the Lagos State Government, led by Governor Babajide Sanwo-Olu, is under EFCC’s investigation regarding the forfeited $13 million.
According to court filings and officials familiar with the case, the EFCC began scrutinising the Lagos State Government’s connection to the funds after investigators discovered that part of the money was sourced from contractors working for or providing services to the state.
“The facts about the origin of the funds are already public in court documents, but the full details of how a large chunk of the money was sourced from some contractors offering services to Lagos State Government’, the identities of the contractors and the possible involvement of the governor and other government officials have not been disclosed in order not to jeopardise ongoing investigations,” a source told PREMIUM TIMES on the condition of anonymity due to lack of authorisation to speak publicly on the case.
It remains unclear how the alleged scheme was executed. However, investigators said it was unusual that contractors paid large sums to Ms Achimugu’s company without any known business relationship with the firm or its owner.
It is also unclear whether Mr Sanwo-Olu is aware of or participated in the alleged scheme, or whether he is being investigated because he leads the administration under which the payments occurred.
How money was raised to buy oil blocks – EFCC
The EFCC, which instituted the forfeiture proceedings last year following investigations into Ms Achimugu, her companies, suspected agents, and business associates, detailed how the suspicious $13 million was raised from various sources, including unnamed Lagos State Government contractors.
The funds, according to the EFCC’s filings, were raised between March and April 2025 as part-payment for the acquisition of oil blocks.
According to the EFCC, one of Ms Achimugu’s firms, Oceangate Engineering Limited, which was at the centre of the transactions, successfully bid for two oil blocks — Petroleum Prospecting Licences (PPLs) — in 2024.
One of the oil blocks was Deep Offshore PPL 302, while the other was Shallow Water PPL 3007.
The EFCC said the successful bidder was required to pay $37.2 million to the federal government to finalise the acquisition.
Oceangate Engineering had made a $20 million part-payment as of April 2025, when the EFCC intervened, according to an affidavit by an EFCC investigator, Usman Aliyu.
READ ALSO: Sanwo-Olu under probe as EFCC links ‘Aisha Achimugu’s forfeited $13m’ to Lagos contractors
Mr Aliyu said the payments were made in installments between 20 March and 3 April 2025.
He said the firm conspired with unlicensed Bureau de Change (BDC) operators and bank officials to obtain the $13 million.
Mr Aliyu said the company also engaged these individuals to receive funds from contractors linked to the Lagos State Government.
He maintained that the funds were not proceeds of any legitimate business activity of the company.
The company denied any wrongdoing, but the court ruled on Wednesday that its explanations did not prove the money was earned legitimately.
Governor Sanwo-Olu or any official of the Lagos State Government has yet to comment publicly on the matter.
PREMIUM TIMES made unsuccessful attempts on Wednesday to obtain comments from the Lagos State Attorney General and Commissioner for Justice, Lawal Pedro, and Commissioner for Information and Strategy, Gbenga Omotoso, regarding the disclosures in the suit tracing part of the suspicious funds to the state’s contractors and the EFCC’s investigation.
