by George Ozalla
The Economic and Financial Crimes Commission has laid out details of how 13 million dollars in alleged illicit funds linked to Oceangate Engineering Oil and Gas Limited were used to acquire two Nigerian oil blocks connected to businesswoman Aisha Achimugu.
The allegations are contained in an affidavit sworn to by an EFCC investigator, Usman Aliyu, and filed before the Federal High Court in Abuja, where the commission is seeking the forfeiture of the funds.
According to the affidavit, Oceangate, incorporated in 2005, emerged successful bidder for Deep Offshore PPL 302 and Shallow Water PPL 3007 during the 2024 oil licensing round. The EFCC alleged that the funds used for the acquisition were not lawfully sourced.
Aliyu stated that the company paid signature bonuses through Zenith Bank, while Providus Bank transferred seven million dollars to the Federal Government in March 2025. He added that a total of 20 million dollars was allegedly paid by Oceangate between March 20 and April 3, 2025, in respect of the two oil blocks.
The commission further alleged that to raise the funds, Oceangate conspired with unlicensed Bureau de Change operators and some bank officials, relying heavily on cash transactions conducted outside the formal banking system. The affidavit claimed that 13 million dollars was gathered in cash through associates, including Suleiman Muhammed Chiroma, with additional involvement of Ashrab Energy and Oil Services Limited and Tripple A and Tee Oil Nigeria Limited.
Aliyu also told the court that funds traced to contractors linked to the Lagos State Government were routed through Ashrab Energy’s accounts with Zenith Bank and Access Bank, converted into dollars, and subsequently transferred to Oceangate.
The investigator maintained that the funds were not proceeds of any legitimate business activity but were reasonably suspected to have arisen from unlawful transactions.
Oceangate’s director, Iliya Wakil, denied the allegations, arguing that the funds were derived from legitimate business earnings and personal gifts to Achimugu. He urged the court to set aside the interim forfeiture order earlier granted against the funds.
Justice Emeka Nwite adjourned the matter to March 25, 2026, for ruling. The judge had previously, on August 22, 2025, granted an interim forfeiture order and directed the EFCC to publish a notice inviting interested parties to show cause why the funds should not be permanently forfeited.
