A Federal High Court on Monday, January 19, scheduled a ruling for March 25 on a motion filed by the Economic and Financial Crimes Commission (EFCC) for the final forfeiture of $13 million linked to Oceangate Engineering Oil & Gas Ltd, a firm associated with businesswoman Aisha Achimugu.
WITHIN NIGERIA learned that Justice Emeka Nwite took the decision after EFCC’s lawyer, Rotimi Oyedepo (SAN), and Oceangate’s lawyer, Darlington Ozurumba, made their final submissions.
Recall that the court last year issued an order for the interim forfeiture of the funds, which the EFCC claimed were proceeds of unlawful activities.
The court also ordered the anti-graft agency to publish the interim order in a national daily for any interested party to show cause why the money should not be permanently forfeited to the Federal Government.
Who is Aisha Achimugu?
She is a Nigerian businesswoman and socialite. She is the Chief Executive Officer (CEO) of Felak Concept Group and Oceangate Engineering Oil & Gas Ltd. She recently got involved in the acquisition of two oil blocks (Shallow Water PPL 3007 and Deep Offshore PPL 302-DO) worth $25.3 million.
Her EFCC’s journey?
WITHIN NIGERIA gathered that Aisha Achimugu became the subject of an investigation after purchasing two oil blocks totaling $25.3 million.
According to the EFCC, Aisha allegedly utilized questionable cash for the acquisition and maintained 136 bank accounts in ten banks.
The anti-graft agency claimed Aisha Achimugu was involved in a $250 million fraud scheme and had ties to Ponzi scheme operators.
The EFCC further claimed she worked with unregistered Bureau de Change operators and bank officials to launder $13 million.
On February 12, 2024, the commission invited Aisha Achimugu for investigation.
She was investigated for alleged conspiracy, obtaining money by false pretence, money laundering, corruption, and possession of property reasonably suspected to have been acquired through unlawful means.
However, she was granted administrative bail through her lawyer, Darlington Ozurumba after writing a statement.
The anti-graft agency disclosed that Achimugu explained some of the huge funds that passed through her corporate bank accounts in her statement.
She admitted that N8.71 billion was paid by her partners as an investment fund into the purchase and payment of a signature bonus for the acquisition of an oil block on November 8, 2022.
Aisha Achimugu a fugitive?
Recall that Aisha was granted an administrative bail through her lawyer, Darlington Ozurumba.
WITHIN NIGERIA gathered that she declined subsequent invitations from the anti-graft agency which prompted the Economic and Financial Crimes Commission (EFCC) on March 28, 2035 to declare her wanted for alleged money laundering and criminal conspiracy.
Her arrest?
The Economic and Financial Crimes Commission (EFCC) on April 29, 2025 arrested Aisha Achimugu, a Nigerian businesswoman and socialite at Nnamdi Azikiwe International Airport in Abuja.
The said arrest which was made shortly after she arrived from London was connected with an ongoing investigation into alleged money laundering and criminal conspiracy.
Chikaosolu Ojukwu, her lawyer, while confirming the arrest, disclosed that Achimugu had returned voluntarily to Nigeria to honor the EFCC’s invitation.
She also criticized the arrest, saying it went against a court order and was a breach of Achimugu’s rights.
Her release?
A Federal High Court on April 30, 2025, ordered the Economic and Financial Crimes Commission (EFCC) to release Aisha Achimugu, a businesswoman and socialite, within 24 hours.
The order was given by Justice Inyang Ekwo, who ruled that Achimugu should be freed on the same terms of an administrative bail the EFCC had earlier granted her.
Reacting to the ruling, her lawyer named Ojukwu argued that the arrest was a breach of Aisha’s rights.
He commended the judge and urged the EFCC to respect the ruling of the court by releasing his client.
Forfeiture of $7 million?
A Federal High Court in Abuja on September 15, 2025, granted the Economic and Financial Crimes Commission’s (EFCC) motion for the final forfeiture of $7 million linked to Aisha Achimugu’s firm, Oceangate Engineering Oil & Gas Ltd.
Recall that the EFCC had alleged that funds traced to Aisha Achimugu were proceeds of unlawful activities, specifically money laundering and corruption, related to the acquisition of two oil blocks (PPL 302 and PPL 3007) worth $25.3 million.
The court had previously issued an interim forfeiture order, and after publishing the order in a national daily, Oceangate filed an affidavit to show cause, claiming ownership of the funds.
However, the EFCC presented evidence that the funds were transferred to Oceangate’s account by companies suspected to be involved in unlawful activities.
The EFCC’s investigation revealed that Aisha Achimugu, the CEO of Oceangate, admitted to having significant control over the company and its transactions.
Discussion about this post