Court Orders Final Forfeiture Of $13million Linked To Lagos Governor Sanwo-Olu’s Ally Aisha Achimugu’s Firm
Court Orders Final Forfeiture Of $13million Linked To Lagos Governor Sanwo-Olu’s Ally Aisha Achimugu’s Firm
Justice Emeka Nwite, who delivered the judgment on Wednesday, March 25, 2026, held that the funds were proceeds of unlawful activities, siding with the Economic and Financial Crimes Commission (EFCC), which had pursued the forfeiture.
The Federal High Court sitting in Abuja has ordered the final forfeiture of $13million linked to businesswoman Aisha Achimugu and her company, Oceangate Engineering Oil & Gas Ltd, to the Federal Government.
The ruling has deepened the controversy surrounding the alleged financial dealings of the embattled Chief Executive Officer of Ocean Gate Petroleum, a socialite, ally, and alleged lover of Lagos State Governor Babajide Sanwo-Olu.
Justice Emeka Nwite, who delivered the judgment on Wednesday, March 25, 2026, held that the funds were proceeds of unlawful activities, siding with the Economic and Financial Crimes Commission (EFCC), which had pursued the forfeiture.
The court ruled that Oceangate Engineering Oil & Gas Ltd failed to provide credible evidence explaining the legitimate source of the funds, thereby forfeiting any claim to ownership.
The anti-graft agency had dragged the company before the court over the $13 million, arguing that the funds were suspicious and linked to fraudulent activities.
In his decision, Justice Nwite stated that the company “failed woefully” to establish how it came about the money, adding that the EFCC had successfully demonstrated that the funds were proceeds of fraud.
The judge also dismissed claims that the money represented gifts allegedly received by Achimugu, noting that she failed to appear in court to justify the origin of the funds.
He further observed that none of the individuals who purportedly gave the $13 million as gifts were presented before the court to testify.
“The burden to establish genuine ownership of the money was not established by the applicant to counter the claims of the EFCC that the money was the proceeds of fraud based on its investigation,” Justice Nwite held.
According to the court, Oceangate Engineering did not show any business transactions or contractual engagements that could justify the acquisition of such a large sum, nor did it provide evidence of payments made by any clients.
The ruling followed an earlier interim forfeiture order granted on August 22, 2025, when the court directed the EFCC to temporarily seize the funds and publish a notice in a national newspaper inviting interested parties to show cause within 14 days why the money should not be permanently forfeited.
In an affidavit deposed to by EFCC investigator Usman Aliyu, the commission revealed that it acted on intelligence indicating that Oceangate Engineering had used funds suspected to be proceeds of unlawful activities to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Aliyu stated that the $13 million was used by the company to pay signature bonuses for oil blocks PPL 302 and PPL 3007, insisting that the money did not originate from any legitimate business activity.
He further alleged that part of the funds came from public money transferred by a state government to contractors for project execution, which was subsequently diverted into Oceangate’s accounts.
According to him, there was no contractual or business relationship between Oceangate and the contractors who transferred the funds, adding that the contractors were neither investors nor shareholders in the company.
Despite Oceangate’s claim that the money was partly derived from legitimate business operations and partly from gifts to Achimugu as the company’s Group Chief Executive Officer, the court found the explanation insufficient and unsubstantiated.
The judgment marked another major legal setback for Achimugu, whose financial dealings have come under increasing scrutiny in recent months.
In September 2025, a separate Federal High Court in Lagos also ordered the final forfeiture of $7 million discovered under controversial circumstances at Providus Bank.
Investigations revealed that the cash was deposited in raw currency on March 26 and 27, 2025, directly into the bank’s vaults at its Victoria Island headquarters rather than being credited to any customer’s account, a move flagged by the EFCC as highly suspicious.
An internal whistleblower alerted the anti-graft agency, prompting a raid on the bank’s premises. During interrogation, some bank staff reportedly claimed that the funds belonged to Achimugu, who is known as a high-profile client of the bank.
However, Achimugu reportedly denied ownership of the $7 million, insisting that she merely took a loan from the bank and had not repaid it.
A source familiar with the investigation had said, “The money was deposited under suspicious circumstances in raw cash. Instead of paying it into their customer’s account, the money was deposited into the vaults of Providus Bank, which was unusual and suspicious.”
“An anonymous whistleblower who works at the bank and serves as a spy for the EFCC alerted the anti-corruption agency of the unusual transactions that just occurred at the bank.”
Despite public notices inviting claims to the funds, no individual or entity came forward to establish ownership, leading to the eventual forfeiture.
The EFCC also scrutinised Providus Bank for allegedly failing to file a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit despite clear red flags.
Beyond the forfeiture cases, Achimugu has also been linked to an ongoing $12 million money laundering trial involving senior executives of SunTrust Bank.
In that case, a prosecution witness told the court that he received $12 million in cash between March 10 and 24, 2025, allegedly facilitated by the bank’s top officials for transfer into Achimugu’s accounts.
The witness, a bureau de change operator, testified that the transactions were conducted entirely outside the formal banking system.
“None of the money went through my account,” he said, adding that he also received $1.8 million from Achimugu in tranches for conversion into naira.
SaharaReporters had earlier reported that negotiations were underway in June 2025 to halt the EFCC’s investigation into Achimugu.
Sources alleged that the move followed a meeting involving Lagos State Governor Babajide Sanwo-Olu, President Bola Tinubu, and members of the Lagos Governance Advisory Council, who reportedly intervened on behalf of the governor.
“They are also negotiating to end the prosecution of the lady linked to Sanwo-Olu, Aisha Achimugu,” a source had disclosed.
Achimugu had earlier been declared wanted by the EFCC after allegedly fleeing Nigeria in March 2025 when she was invited for questioning.
She was later arrested on April 29, 2025, and subsequently granted bail.
Her association with Governor Sanwo-Olu has continued to attract public attention, particularly following reports of his attendance at her lavish 50th birthday celebration in Grenada, where he reportedly spent several days away from official duties.
The latest court ruling, however, underscores the EFCC’s continued pursuit of the businesswoman and her financial network, as authorities intensify efforts to recover assets suspected to be proceeds of corruption.
With multiple forfeiture orders now secured and ongoing criminal proceedings, the legal troubles surrounding Achimugu appear far from over.
