The Economic and Financial Crimes Commission (EFCC) has revealed 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.
The disclosure was contained in an affidavit filed at the Federal High Court in Abuja by an EFCC investigator, Usman Aliyu, as the commission seeks the forfeiture of the $13 million.
According to the affidavit, Oceangate — incorporated in 2005 — allegedly used the funds to secure Deep Offshore PPL 302 and Shallow Water PPL 3007 during the 2024 oil licensing round.
Aliyu stated that the company paid signature bonuses through Zenith Bank, while Providus Bank transferred $7 million to the Federal Government in March 2025.
He added that Oceangate allegedly paid a total of $20 million between March 20 and April 3, 2025, for the two oil blocks.
The EFCC further alleged that the funds were sourced through conspiracy involving unlicensed Bureau de Change operators and some bank officials, with cash transactions carried out outside the formal banking system.
Aliyu claimed that the $13 million was allegedly collected in cash through associates, including Suleiman Muhammed Chiroma, with additional involvement of Ashrab Energy and Oil Services Limited and Tripple A & Tee Oil Nigeria Limited.
The investigator also alleged 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.
“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,” Aliyu stated.
However, Oceangate’s director, Iliya Wakil, denied the allegations, insisting that the money came from legitimate earnings and gifts made to Achimugu.
He urged the court to set aside the interim forfeiture order.
Justice Emeka Nwite has adjourned the matter 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 a notice inviting interested parties to show cause why the funds should not be permanently forfeited.
