The Economic and Financial Crimes Commission (EFCC) has revealed details of an alleged illicit funds scheme involving Oceangate Engineering Oil and Gas Limited, a Nigerian company linked to businesswoman Aisha Achimugu. According to an affidavit filed at the Federal High Court in Abuja, the company used $13 million in suspected illicit funds to acquire two Nigerian oil blocks during the 2024 oil licensing round.
The EFCC investigator, Usman Aliyu, stated that Oceangate successfully bid for Deep Offshore PPL 302 and Shallow Water PPL 3007 with the alleged illicit funds. The commission is seeking the forfeiture of the $13 million, which was allegedly paid in signature bonuses through Zenith Bank, while Providus Bank transferred $7 million to the Federal Government in March 2025. In total, the company paid $20 million between March 20 and April 3, 2025, for the two oil blocks.
The EFCC alleges that Oceangate conspired with unlicensed Bureau de Change operators and some bank officials to raise the funds, using cash transactions outside the banking system. The $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 claims 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 EFCC maintains that the $13 million was not from legitimate business activities but suspected proceeds of unlawful transactions. Oceangate’s director, Iliya Wakil, has denied the allegations, insisting that the funds came from legitimate earnings and gifts to Achimugu. The company has urged the court to set aside the interim forfeiture order.
Justice Emeka Nwite has adjourned the case to March 25, 2026, for ruling. The judge had earlier 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. The case highlights the ongoing efforts of the EFCC to combat financial crimes and corruption in Nigeria’s oil and gas sector. The outcome of the case will be closely watched, as it may have significant implications for the company and individuals involved.
