The Federal High Court in Abuja has fixed March 25 to rule on an application by the Economic and Financial Crimes Commission seeking the final forfeiture of $13m linked to Oceangate Engineering Oil & Gas Ltd, a company associated with businesswoman Aisha Achimugu. The EFCC alleges that the funds are proceeds of unlawful activity and were used in the acquisition of oil blocks during the 2024 licensing round. According to the commission, the money was allegedly moved through unlicensed Bureau de Change operators and intermediaries to meet signature bonus obligations to the Federal Government. An interim forfeiture order was earlier granted, with the EFCC directed to publish the order for interested parties to show cause. Oceangate has opposed the application, insisting the funds were lawfully sourced and denying any conspiracy. The case underscores Nigeria’s ongoing efforts to strengthen anti-corruption enforcement and financial transparency in the oil and gas sector.
Index to Nigerian Newspapers
