Business
Aisha Achimugu Finally Forfeits $13m To FG
Justice Emeka Nwite of the Federal High Court in Abuja has affirmed the final forfeiture to the Federal Government, the sum of $13 million linked to a Lagos socialite, Ms Aisha Achimugu and her Oceangate Engineering Oil & Gas Ltd.
In a judgment on Wednesday, Justice Nwite held that the foreign currency has been well established by the Economic and Financial Crimes Commission, EFCC, to be proceeds of fraud and unlawful activities.
Delivering judgment in a suit instituted by
Oceangate Engineering Oil & Gas Ltd to claim the fund, the judge held that the company failed woefully to establish how it came about the money.
On the contrary, Justice Nwite said the EFCC satisfied all requirements for the fund to be classified as proceeds of fraud and to be forfeited to the appropriate authority.
The judge dismissed the claims that the
$13 million was gifts received by Oceangate Engineering Company through Aisha Achimugu, adding that the said Aisha Achimugu never came to the court to show cause on why the huge fund should not be forfeited to the Federal Government.
Justice Nwite also noted that no single person who gave the monetary gift to Aisha Achimugu to the tune of $13 million was called to testify.
The judge held that the burden to establish genuine ownership of the money was not established by the applicant to counter the claims of the anti- graft agency that the money was proceeds of fraud based on its investigation.
According to the judge, Oceangate Engineering Company did not show the business it undertook that fetched it the money and did not also show whether any payment was made to it by any of its customers.
Justice Nwite had on 22 August 2025, granted the anti-graft agency’s ex-parte motion for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the Federal Government over allegations that the fund was a proceed of unlawful activity.
The judge had then directed the Commission to publish the order in a national daily for interested person(s) to show cause within 14 days why the fund should not be permanently forfeited to the Federal Government.
EFCC investigator, Usman Aliyu, swore to an affidavit filed in support of the application, stating that the Commission received a credible intelligence report alleging that a company known as Oceangate Engineering Limited, without following due process, used funds reasonably suspected to be proceeds of unlawful activity to acquire oil blocks from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
Aliyu said investigations revealed that Oceangate, a limited liability company, was registered with the Corporate Affairs Commission, CAC, on 25 February 2005 with number: RC 617736.
He said in 2024, Oceangate participated in an oil block licensing bid for deep offshore PPL302 and shallow water- PPL 3007.
He said upon completion of technical and commercial bid, NUPRC notified the company of its winning bidder status and the condition precedent to be fulfilled before issuance of a licence to the company.
Aliyu said it was discovered that the total financial obligations of Oceangate Ltd to the government before the issuance of the Petroleum Prospecting License (PPL) to the company was $37.2 million ($37, 223,144).
He said the company, through its Zenith Bank account number – 5074678281 – at different installments, transferred millions of dollars to the Federal Government, in tranches of $1.1 million, $1.1 million, $3.8 million, $1.2 million, $3.05 million, $2.1 million, and $500, 000.
The investigator said that on 27 and 28 March 2025, Providus Bank Limited, acting for and on behalf of Oceangate Engineering Oil and Gas Limited, transferred the total sum of $7 million to the Federal Government.
He said his team recovered the evidence of these transactions through Providus Bank Limited from the Central Bank of Nigeria, CBN, through a letter dated June 24,02025.
He said the company between 20 March 2025 and 3 April 2025, paid the total sum of $20 million to the Federal Government for the acquisition of the PPL 302 and PPL 3007.
The officer alleged that to fulfil the requirements for payments of the signature bonuses for PPL 302 and PPL 3007, Oceangate conspired with some unlicensed Bureau de Change operators and bank officials to retain and transfer funds totalling $13 million which funds are reasonably suspected to be proceeds of unlawful activity.
The affidavit stated, “That one Suleiman Muhammed Chiroma was procured and aided by Oceangate Engineering Oil and Gas Limited to collect through his associates in cash and without going through a financial institution, both in Abuja and Lagos the total sum of $13,000,000.00.
“That whilst acting in concert with Oceangate Limited, Muhammed Chiroma engaged one Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and one Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited, to collect the said $9 million in cash and without going through a financial Institution for the sole purpose of using same to pay for the signature bonuses of the two oil blocks allocated to Oceangate Oil and Gas Limited.”
Aliyu alleged that the company equally procured Chiroma, Tirmizi Usman and Dantani Hassan to receive funds reasonably suspected to be proceeds of unlawful activities from different contractors with the Lagos State Government.
He said to receive and retain funds reasonably suspected to be proceeds of unlawful activity from different contractors with Lagos State, Dantani Abubakar used his company, Ashrab Energy and Oil Services Limited, with account number 1229255048 domiciled in Zenith Bank Plc.
“That whilst still working in concert with Oceangate Engineering Oil and Gas Limited and Suleiman Chiroma, Dantani Abubakar used his company, Ashrab Energy and Oil Services Limited with account Number 1907084038 domiciled in Access Bank Plc to receive and retain the total sum of N855, 057, 560.00 from different contractors executing contracts for and on behalf of the Lagos State Government which sum reasonably suspected to be proceeds of unlawful activity,” the investigator added.
He said the combined sum of N2, 455, 651, 560.00 received in both Zenith and Access Bank accounts of Ashrab Energy were converted to US dollars and subsequently transferred same to Oceangate’s Zenith Bank account for onward payment for the signature bonus of the two oil blocks – PPL 302 and PPL 3007 allocated to the company, among other averments.
Aliyu insisted that the $13 million used by Oceangate to pay for the Signature Bonuses in respect of PPL302 and PPL3007 were not proceeds of any lawful and legitimate business but rather represent funds reasonably suspected to be proceeds of unlawful activity.
According to him, part of the funds used by Oceangate Engineering Oil and Gas Limited to pay for the Signature bonuses in respect of PPL 302 & PPL 3007 was derived from the huge sum of money transferred by the Lagos State Government to the contractors for the execution of contracts for the benefit of the state.
The investigator alleged that there were never any contractual or business relationships between Oceangate and the contractors who transferred the aforementioned public funds to the account of the company.
He said the contractors, who transferred the aforementioned public funds to Oceangate, were neither investors, directors, nor shareholders in Oceangate.
But Oceangate, in its affidavit to show cause sworn by one of the company’s directors, Iliya Wakil, said it came to his knowledge that the court made an order of interim forfeiture of the company’s $13 million used to pay for the signature bonuses of Deep Offshore PPL 302 and Shallow Water PPL 3007 between 20 March 2025 and 3 April 2025.
The company official prayed the court not to make the order of final forfeiture of the funds because all the funds were derived partly from legitimate earnings of the company and partly gifts given to the Group Chief Executive Officer of the Company, Aisha Achimugu.
He maintained that the company did not conspire with any unregistered BDC operators and bank officials to retain and transfer the sum or any sum of money whatsoever which had anything to do with unlawful activity.
He argued that Suleiman Chiroma referred to by the EFCC in its application for interim forfeiture is a licensed BDC agent engaged lawfully by the company to help it source the US dollars needed by the company to settle the signature bonuses of PPL 302 and PPL 3007 oil blocks respectively as same was required to be paid in dollars by the Nigerian government.
He stated that Chiroma acted fully independently and without any form of control by Oceangate Limited.
The director said the company did not know Dantani Hassan or the company known as Ashrab Energy and Oil Services Limited.
Besides, he said Oceangate did not know one Tirmizi Usman and Tripple A & Tee Oil Nigeria Limited, adding that the company had never met, dealt with or transacted with any of the persons mentioned in paragraphs 15 and 16 of the EFCC’s affidavit in any manner and for any reason whatsoever.
He said Oceangate only relied fully and depended on the avowed expertise of
Mr Chiroma, a licensed BDC agent and believed that he followed the due process to source all the funds remitted to the company for the purpose of settling the signature bonuses as stated.
He said the entire naira swapped for the dollars came from legitimate sources, attaching the audited accounts of the company as exhibits.
Oceangate, in its motion on notice filed with the affidavit to show cause, sought an order setting aside the order of interim forfeiture of the $13 million which it claimed belong to it.
The company argued that the order was made by the court without requisite jurisdiction and against the principle of fair hearing.
But EFCC, in its reply to the affidavit to show cause filed by Oceangate, prayed the court to dismiss the application.
Aliyu, who also swore the affidavit on behalf of the commission, said the commission found that Iliya Wakil, who swore Oceangate’s affidavit to show cause, was a mere nominal director with no shareholding status of the company.
Besides, the investigator said Wakil was an employee of Felak Concept Group Limited, also owned by Achimugu, and incorporated on May 5, 2000.
He said Wakil admitted, in his extrajudicial statement to his team on 15 April 2025 that he had worked with Felak Concept from 2000 to date.
He said Wakil also admitted that he held so many positions, “among which are Manager Admin, General Manager Admin and Finance and presently Group General Manager Admin and Finance.’
He said Wakil also stated that he had consistently drawn his monthly salary from his known employer Felak Concept and WishWhich Koncept Limited.
He argued that there was no record of Wakil drawing a salary from Oceangate.
Besides, the officer said Wakil admitted in his extra-judicial statement that he got all his instructions from Achimugu, the GCEO, and he, in turn, gave the same instructions to Chiroma via telephone conversation.
Aliyu described Oceangate as “a briefcase/shell company created as a vehicle for the purpose of holding petroleum related assets procured with funds reasonably suspected to be proceeds of unlawful activity.”
“Hence, describing the company as ‘a professional oil and gas consortium, operating in diverse sectors of the oil and gas sectors of the Nigerian economy,’ is nothing but describing the devil as an angel of light,” Aliyu wrote.
He alleged that the modus operandi of Oceangate is to acquire “petroleum-related assets with tainted funds.”
The officer said the $13 million forfeited in the interim by the court to the federal government was not proceeds of any lawful, legitimate, provable, known and justifiable income of the company.
Aliyu also stated that Oceangate equally procured an auditor, Godwin Ukah, to prepare an audit report which was attached to its affidavit to show cause as exhibit.
He said Ukah was invited to the EFCC’s office after which he volunteered his extra-judicial statement and admitted that he did not see the various account statements of Oceangate when he prepared the audit report.
Besides, he said Ukah admitted that Oceangate had not actively earned from oil and gas exploration.
He said Ukah, who prepared the audit report attached as exhibit relied solely on a memorandum of understanding and not the financial books of Oceangate.
Aliyu said his team also invited Aisha Achimugu, the GCEO of Oceangate and she volunteered her extra-judicial statement.
According to him, Achimugu admitted in her extra-judicial statement that she has the most significant control of Oceangate Oil and Gas Limited.
He said the businesswoman equally admitted that “Oceangate Oil & Gas Limited does not do contract for now nor has it carried out any contract either in private or public sector”.
The investigator told the court that it would be in the interest of justice to forfeit the $13 million to the Federal Government, same having been reasonably suspected to be proceeds of unlawful activity.
The judge had, on 15 September 2025, ordered the final forfeiture of $7 million lodged in Providus Bank branch in Ikoyi, Lagos State, and recovered by the EFCC after nobody came forward to claim it.
A company, Felak Concept Group Limited, later issued a statement to dismiss reports linking its GCEO, Achimugu, and its subsidiary, Oceangate Engineering Oil and Gas Ltd, to the controversial $7 million cash transaction allegedly tied to Providus Bank.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has attributed the apparent scarcity of N100 and N200 notes to the increasing adoption of digital payment channels and the declining purchasing power of the lower-denomination currency.
Speaking in Abuja on Tuesday, Cardoso dismissed concerns that the affected notes had been withdrawn from circulation, stressing that they remain legal tender and should continue to be accepted for transactions across the country.
He said the CBN had not announced the withdrawal of any naira denomination and urged Nigerians not to reject the lower-value notes.
“Yes, they remain legal tender. Unless the Central Bank states otherwise, Nigerians should assume that all existing denominations remain legal tender,” Cardoso said.
Explaining the reduced circulation of the N100 and N200 notes, the CBN governor said the situation reflects changing demand patterns within the financial system rather than any deliberate policy to phase them out.
According to him, the expansion of financial inclusion and the widespread use of electronic payment platforms have significantly reduced reliance on physical cash, particularly lower denominations.
Cardoso also noted that the depreciation of the naira has eroded the purchasing power of the smaller notes, making them less useful in day-to-day transactions.
“As to why there appear to be fewer of these notes in circulation, it is largely a matter of demand and supply. The financial ecosystem is evolving in the direction we want it to, with greater financial inclusion and increased digitisation,” he said.
“Of course, we must also acknowledge that currency devaluation has affected the purchasing power of lower-value notes. That is a reality.
“More importantly, however, as financial inclusion expands and digital payments become part of everyday life, fewer people will rely on these denominations.”
On inflation, Cardoso reaffirmed the apex bank’s commitment to restoring price stability and achieving single-digit inflation, despite recent global economic shocks that have slowed progress.
He recalled that Nigeria had recorded 11 consecutive months of declining inflation before external factors disrupted the disinflation trend.
“It is important to remember where we are coming from. We recorded 11 consecutive months of disinflation and, from every indication, we expected that by early 2027 we would be where we wanted to be in terms of inflation, with a path towards single-digit inflation,” he said.
“Unfortunately, we have experienced external shocks that were not anticipated and have lasted much longer than anyone expected.
“As for our single-digit inflation target, we remain committed to it.”
Reacting to the International Monetary Fund’s (IMF) recent assessment that the naira is undervalued, with an estimated fair value of about N1,150 to the US dollar, Cardoso maintained that the exchange rate should be determined by market forces rather than administrative targets.
He said the CBN would continue to support a transparent and market-driven foreign exchange regime anchored on a willing-buyer, willing-seller framework.
The Central Bank of Nigeria (CBN) has mentioned to the House of Representatives ad hoc committee investigating the legal basis, operations and budgetary inclusion of the alleged fake Presidential Foreign Investment Promotion Council (PFIPC) that it received authorisation from the Office of the Accountant-General of the Federation (OAGF) to open two domiciliary accounts for the council.
The revelation from the apex bank is coming as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Monday questioned the Chief of Staff to the President, Femi Gbajabiamila, over allegations against him by the purported Director General of the council, Prince Adeniyi Adeyemi.
Adeyemi had alleged that he paid N400 million to Chief of Staff to the President, Femi Gbajabiamila through the late Babatunde Dolapo Tanimola to secure the appointment. He also claimed that the Chief of Staff allegedly demanded 48 per cent from the agency’s N27.3 billion take-off grant. Gbajabiamila had debunked the allegations and filed a N15bn defamation suit against Adeyemi.
Also, over N1.3 billion was allocated to the PFIPC in the approved 2026 budget, raising questions on how the ‘fictitious’ council found its way into the budget without the National Assembly spotting it.
Findings further revealed that Adeyemi got approvals for the employment of 300 staff members and an office space at the Federal Secretariat, Abuja, and opened accounts with the Central Bank of Nigeria (CBN).
But the Office of the Accountant General of the Federation (OAGF) insisted that the disputed council had no account with the apex bank, contradicting the Presidency’s statement that Adeyemi used fake documents and misled the OAGF to fraudulently open a CBN account.
While appearing before the probe panel shortly after the inauguration of the ad hoc committee at the National Assembly on Monday, a director at the CBN, Hamisu Abdullahi, who represented the CBN Governor at the investigative hearing, disclosed that the apex bank received a mandate from the OAGF to open two domiciliary accounts for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council.
According to him, the accounts, one United States dollar domiciliary account and one Pound Sterling domiciliary account, were opened on July 30, 2025.
He, however, informed lawmakers that the accounts remained inactive because the council failed to provide authorised signatories required for their operation.
“The process for opening the account requires a mandate from the office of the Account General of the Federation. So once we receive that mandate, we perform all the necessary verification to confirm that this mandate is actually coming from the Office of the Accountant General. So once we confirm that, we have some internal procedures too, which we follow to open those accounts.
“On the 30th of July 2025, we received a mandate dated 29 July 2025 from the office of the Accountant-General of the Federation to the Central Bank of Nigeria to open two domiciliary accounts for the Presidential Economic Advisory Council/ Presidential Foreign Investment Promotion Council.
“Based on that mandate, we did the normal verification to confirm the genuineness of the mandate and also process the account opening. And two accounts were actually opened: a domiciliary account, one dollar account and one pound sterling account for the Presidential Economic Advisory Council/ Presidential Foreign Investment Promotion. Those two accounts remain inactive with zero balance and have never been operated,” Abdullahi stated.
He further disclosed that there had been no financial activities linked to the accounts, including foreign exchange allocations, remittances, inflows or outflows.
“There have been no foreign exchange allocations, no remittances, no inflows and no outflows. The accounts have maintained zero balance from inception to date,” he said.
The CBN official explained that the bank does not have direct dealings with Ministries, Departments and Agencies (MDAs) on account opening, closure or change of account details except through the OAGF.
“As a banker to the federal government, the Central Bank has responsibility for opening all accounts for Ministries, Departments and Agencies, with the exception of those exempted from the Treasury Single Account,” he said.
Abdullahi added that the apex bank had no direct correspondence with the council regarding the operation of the accounts.
On her part, the Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, told the committee that her office had no constitutional responsibility for establishing government agencies.
She explained that while the office approves administrative structures of federal agencies, the establishment of such agencies falls outside its mandate.
“The approval and establishment of agencies is not within the purview of the Office of the Head of the Civil Service of the Federation (OHCSF). However, the OHCSF is responsible for approving the administrative structure of federal government agencies,” she said.
The OHCSF representative disclosed that the council had submitted a request for approval of its organisational structure on August 6, 2025, but the request was not granted because the required documents were not provided.
She, however, stated that during the 2025 annual manpower budget defence exercise, officials of the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council requested an authorised establishment and recruitment waiver.
According to her, the council informed the office that 14 officers, including the Director-General/Chief Executive Officer, were already working with the body and sought approval to commence full operations.
She added that the request was processed alongside those of 87 other MDAs and later approved as part of the fourth batch of manpower approvals.
The approval provided for 314 positions, comprising 14 existing officers and 300 additional positions.
However, the OHCSF disclosed that it later discovered irregularities in documents submitted by the council as its enabling legal instrument.
“It was observed that the document presented by the council as its enabling law or legal instrument did not really carry the requisite features,” she told lawmakers.
The Head of Service also denied deploying civil servants to the council or allocating office accommodation to it.
“We wish to state that there was no deployment of staff by the Office of the Head of the Civil Service of the Federation to the council,” she said.
She added that reports linking the office to the allocation of accommodation at the Federal Secretariat Phase III were incorrect.
Meanwhile, the panel has directed the CBN to provide comprehensive records of all financial transactions linked to the council.
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, has been named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.
The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.
Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value. In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.
Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.
“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.” He concluded.
A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships. Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.
Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.
For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.
The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.
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