The Economic and Financial Crimes Commission, EFCC, has detailed how $13 million in alleged illicit funds linked to Oceangate Engineering Oil and Gas Limited was allegedly used to acquire two Nigerian oil blocks connected to businesswoman, Aisha Achimugu.
An EFCC investigator, Usman Aliyu, disclosed in an affidavit filed at the Federal High Court, Abuja, that Oceangate, incorporated in 2005, successfully bid for Deep Offshore PPL 302 and Shallow Water PPL 3007 during the 2024 oil licensing round with illicit funds. The commission is seeking forfeiture of the $13 million.
Aliyu said Oceangate paid signature bonuses through Zenith Bank, while Providus Bank transferred $7 million to the Federal Government in March 2025.
In total, the company allegedly paid $20 million between March 20 and April 3, 2025, for the two oil blocks.
The EFCC alleged that to raise the funds, Oceangate conspired with unlicensed Bureau de Change operators and some bank officials, using cash transactions outside the banking system. According to Aliyu, $13 million was collected in cash through associates, including Suleiman Muhammed Chiroma, with further involvement of Ashrab Energy and Oil Services Limited and Tripple A & Tee Oil Nigeria Limited.
The investigator also claimed that funds traced to Lagos State contractors were routed through Ashrab Energy’s Zenith and Access Bank accounts, converted to dollars, and transferred to Oceangate.
He maintained that the $13 million was not from legitimate business activities but suspected proceeds of unlawful transactions.
The funds “were not proceeds of any lawful and legitimate business of Oceangate but rather represent funds reasonably suspected to be proceeds of unlawful activity.”
Oceangate’s director, Iliya Wakil, denied the allegations, insisting the funds came from legitimate earnings and gifts to Achimugu, and urged the court to set aside the interim forfeiture order.
Justice Emeka Nwite adjourned the case to March 25, 2026, for ruling. The judge had earlier, on August 22, 2025, granted an interim forfeiture order and directed the EFCC to publish the notice inviting interested parties to show cause why the funds should not be permanently forfeited.