Court Fixes March 25 for Ruling on EFCC’s $13m Forfeiture Case Against Oceangate

A Federal High Court sitting in Abuja has fixed March 25 for ruling on a motion filed by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of $13 million allegedly linked to Oceangate Engineering Oil & Gas Limited, a company associated with businesswoman, Dr. Aisha Achimugu.

Justice Emeka Nwite adjourned the matter on Monday after counsel to the EFCC, Rotimi Oyedepo (SAN), and Oceangate’s lawyer, Darlington Ozurumba, adopted their final written submissions in the case. The funds were earlier ordered forfeited on an interim basis after the EFCC alleged they were proceeds of unlawful activities.

Following the interim forfeiture order, the court directed the EFCC to publish the order in a national daily to allow any interested party to show cause why the funds should not be permanently forfeited to the Federal Government. In response, Oceangate filed an affidavit to show cause, claiming ownership of the funds and insisting they were legitimately sourced.

Oceangate argued that the $13 million was raised for the payment of signature bonuses for its interests in two oil licences, Petroleum Prospecting Licences (PPL) 302 and PPL 3007, which it won during the 2024 oil licensing round. The company denied allegations that the funds were linked to illegal activities.

However, the EFCC, in a detailed counter-affidavit, maintained that investigations revealed the money originated from unlawful sources, including funds allegedly traced to contractors engaged by the Lagos State Government. The commission further claimed that Oceangate operated as a shell company used to acquire petroleum assets with tainted funds.

The anti-graft agency also challenged Oceangate’s audit report and claimed that the company had no record of legitimate earnings from oil and gas operations. It urged the court to order the permanent forfeiture of the funds to the Federal Government.

Oceangate, on its part, denied conspiring with unlicensed Bureau de Change operators or bank officials and urged the court to set aside the interim forfeiture order, arguing that it was made without jurisdiction and in violation of its right to fair hearing.

Justice Nwite adjourned the matter to March 25 for ruling.