Breaking: Court Orders Permanent Forfeiture Of $13m Linked To Lagos Socialite Achimugu

In a ruling delivered on Wednesday, March 25, the court held that the Economic and Financial Crimes Commission (EFCC) successfully proved that the funds were proceeds of fraud and illegal financial activities.

Justice Nwite noted that Oceangate, which filed a suit to recover the money, failed to provide a satisfactory explanation for the origin of the $13 million. He ruled that the company “failed woefully” to establish legitimate ownership of the funds.

He further stated that the EFCC met all legal requirements to justify the classification of the money as illicit proceeds, warranting its forfeiture to the state.

The judge dismissed the company’s argument that the funds were gifted to Achimugu, adding that she did not appear in court to personally defend the claim.

He also observed that none of the alleged donors of the money were presented as witnesses.

“No single person who gave the monetary gift… was called to testify,” Justice Nwite noted.

According to the court, the responsibility to prove lawful ownership rested on Oceangate, but the company failed to discharge that burden. It also failed to show evidence of business operations or customer transactions capable of generating such funds.

The court recalled that it had earlier granted an interim forfeiture order on August 22, 2025, following an ex parte application by the EFCC. It also directed the agency to publish the order in a national newspaper to allow any interested party to contest it within 14 days.

EFCC investigator Usman Aliyu, in his affidavit, alleged that the funds were linked to suspicious transactions connected to oil block acquisitions from the Nigerian Upstream Petroleum Regulatory Commission.

He told the court that Oceangate participated in the 2024 oil licensing round for deep offshore PPL 302 and shallow water PPL 3007, and made several payments to the Federal Government totalling $20 million.

Aliyu further alleged that part of the $13 million was moved through unregulated channels involving Bureau de Change operators and bank officials to facilitate payments for oil block signature bonuses.

He also claimed that portions of the funds originated from contractors linked to Lagos State Government projects, which were later converted into dollars and transferred into Oceangate’s accounts.

The EFCC insisted that the money was not derived from legitimate business activities but from unlawful sources.

However, Oceangate denied all allegations, insisting that the funds came from legitimate earnings and lawful gifts to its CEO, Achimugu. The company maintained that it did not engage in any illegal financial dealings.

It also argued that the Bureau de Change operator involved acted independently and that the company had no dealings with individuals or firms mentioned by the EFCC.

Oceangate further filed a motion challenging the interim forfeiture order, describing it as unlawful and a breach of fair hearing.

In response, the EFCC described the company’s defence as baseless, alleging that Oceangate functioned as a shell company used to channel illicit funds for asset acquisition.

The commission also discredited the company’s audit report, claiming it was not based on proper financial records.

After reviewing all submissions, Justice Nwite ruled in favour of the EFCC, holding that Oceangate failed to prove legitimate ownership of the funds.

He therefore ordered the final forfeiture of the $13 million to the Federal Government, bringing the case to a close.