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Aisha Achimugu Finally Forfeits $13m To FG

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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.

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Late Tax Payments Attract New Interest Rates From October 1

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The federal government says late tax payments will attract new interest rates from October 1, 2026.

 

According to a statement by the ministry of finance, the new rates are linked to market interest rates and will be set for each calendar month.

Under the order, interest on tax payable in naira will be charged at the Central Bank of Nigeria (CBN’s) monetary policy rate (MPR) plus one percentage point, compared with the previous five-percentage-point spread.

However, the ministry said the rate would not fall below the yield on 364-day treasury bills.

This means that since the MPR is 23 percent, taxpayers who pay late would be charged 24 percent interest on the delayed tax, subject to the 364-day treasury bill yield floor.

For tax payable in foreign currency, the statement said the interest rate will be the secured overnight financing rate (SOFR) plus 6 percentage points. The SOFR stands at 22.12 percent for the 30-day average and 22.59 percent for the 90-day average as of September 24, 2026.

The ministry said the new rates would provide taxpayers with greater certainty over the cost of late payment, which it said has been linked more closely to prevailing market rates.

Speaking on the move, Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the new framework would ensure that delaying tax payments does not become a cheaper source of credit than borrowing from the market.

“Tax that is due belongs to the public. When it is paid late, Government may have to borrow to fill the gap, and the cost falls on everyone,” Oyedele said.

“This Order ties the cost of late payment to real market rates, so that delaying tax does not become a cheaper form of credit than the market itself.”

The ministry said under the order, one interest rate would apply for each calendar month and would be determined on the last business day of the preceding month.

“The Nigeria Revenue Service (NRS) is required to publish the applicable rate on its website by the third business day of every month,” the statement added.

The ministry said interest would be calculated as simple interest on a daily basis, from the date the tax becomes due until payment is made.

For foreign-currency tax, the ministry said SOFR would apply as the international benchmark for US dollar rates, noting that if the SOFR is discontinued, its official successor rate would apply.

Oyedele said the arrangement would also provide a uniform basis for taxpayers dealing with federal, state and FCT tax authorities.

“Just as important is certainty. Every taxpayer, whether dealing with the Nigeria Revenue Service or a State revenue service, will know the rate in advance, see it published every month, and be charged in the same way,” he said.

“Clear rules make compliance easier and support a fair, predictable tax system.”

The ministry said the order does not change the 10 percent penalty for late payment provided under section 65 of the Nigeria Tax Administration Act (NTAA), 2025.

“The relevant tax authorities may also waive interest or penalties where good cause is shown, in line with section 66 of the Act,” it said.

The ministry said the new rates would apply to interest arising from October 1, including interest on tax that became due before that date.

“Interest that arose before October 1 will not be affected to the extent that it was specifically provided for under the rules in force at the time,” the statement said.

The finance ministry said the order supersedes the 2017 notice on interest on unpaid taxes and other earlier notices on the subject.

The ministry said the framework applies to self-assessment taxpayers, the NRS, and state and Federal Capital Territory (FCT) internal revenue services.

The ministry advised taxpayers to file their returns and pay applicable taxes on time.

It also advised taxpayers with outstanding liabilities to settle them promptly or engage the relevant tax authority.

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Adron Homes Unveils Premium Estate Plan in Ile-Ife Ahead of Olojo Festival

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Adron Homes and Properties is set to participate in the 11th Olojo Festival in Ile-Ife, Osun State, as the company deepens its engagement with the ancient city and unveils plans for a Premium Estate development within the Ile-Ife domain.

 

The 2026 edition of the renowned cultural festival, themed “Culture Preservation Through Sustainable Tourism,” is expected to bring together traditional rulers, government representatives, corporate organisations, cultural stakeholders, tourists and the media for a celebration of Yoruba heritage and the cultural significance of Ile-Ife.

Ahead of the festival, Adron Homes made a strong appearance at the press conference and unveiling of the 2026 edition with a delegation comprising key members of its Western operations.

 

 

The delegation included Ogundapo Odunola, Deputy Managing Director, Western Super-Cluster; Johnson Olugbenga, Assistant Managing Director, Western Galaxy 1; and Shobowale Taiwo, Deputy Sales Manager, Livingspring World.

Their presence reflected the company’s growing development interests in Ile-Ife and its commitment to initiatives that connect real estate development with cultural heritage and community growth.

Speaking at the event, Seyi Oyekunle, Director General, Media, Branding & Corporate Communication, Adron Group, who represented the Managing Director of Adron Homes and Properties, Mrs Adenike Ajobo, said the company’s participation in the Olojo Festival was driven by its belief that cultural preservation and sustainable development could work hand in hand.

Oyekunle described the theme of the festival as timely, noting that culture remains an important part of identity and history, while sustainable tourism can create opportunities for employment, investment, entrepreneurship and community development.

He described Olojo as more than an annual cultural celebration, saying it represents the enduring connection between the past, present and future of Ile-Ife and its place in Yoruba civilisation.

According to him, Adron Group’s vision extends beyond conventional real estate development.

“At Adron Group, we are in the business of real estate, but our purpose is much bigger than the development of properties. We build homes. We build cities. We build communities,” he said.

A major highlight of the company’s participation was the unveiling of plans for the Adron Homes Premium Estate within the Ile-Ife domain.

Oyekunle expressed appreciation to the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, for the confidence and approval granted to Adron Homes and Properties for the development.

He said the approval comes with a strong responsibility for the company to contribute meaningfully to the development of Ile-Ife while respecting the city’s rich historical and cultural heritage.

According to him, Adron Homes is prepared to deploy its experience, resources and development capacity towards delivering a project capable of creating value for residents and contributing to the growth of the community.

He described the Premium Estate as more than a property development, saying it presents an opportunity to attract investment, provide quality housing, stimulate local businesses and strengthen the connection between Ile-Ife and sons and daughters of Ifeland and Yorubaland across the world.

The Adron Group representative said the development could provide an avenue for people in the diaspora to reconnect with the Source by creating opportunities to “come home, invest home, build home and preserve home.”

He also called for greater development of Ile-Ife as a year-round tourism destination, stressing that the city’s tourism potential should extend beyond the annual Olojo Festival.

Oyekunle said sustainable tourism should translate into tangible economic opportunities for residents, particularly artisans, young people, entrepreneurs and operators within the hospitality sector.

He further urged young people to view Yoruba culture and heritage as potential sources of economic opportunity, noting that the sector could inspire careers and businesses across film, technology, fashion, music, arts and tourism.

 

The Olojo Festival press conference brought together traditional rulers, government representatives, corporate organisations, members of the Olojo Festival Committee, cultural stakeholders and media practitioners ahead of the 11th edition of the festival.

As Adron Homes prepares for its participation in the festival, the company’s Premium Estate plan adds a major real estate dimension to its engagement with Ile-Ife, reinforcing its vision of “Building Homes, Cities and Communities Across the Globe.”

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FG To Review Tax Laws

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The Federal Government has commenced a six-week review of the new tax laws to identify implementation gaps, address consequences that have emerged since their implementation and consider concerns raised by the organised private sector and other stakeholders.

 

The review will examine areas including Value Added Tax thresholds, withholding tax, capital gains treatment and multiple taxation.

Recall that President Bola Ahmed Tinubu last year signed into law four new tax bills passed by the National Assembly, describing the laws as pivotal to the success of his administration’s reforms and the country’s prosperity.

The bills were the Nigeria Tax Bill (Ease of Doing Business), which seeks to consolidate Nigeria’s fragmented tax laws into a harmonised statute; the Nigeria Tax Administration Bill, which establishes a uniform legal and operational framework for tax administration across the federal, state and local governments.

Others are the Nigeria Revenue Service (Establishment) Bill, which repeals the Federal Inland Revenue Service Act and creates a more autonomous and performance-driven national revenue agency, the Nigeria Revenue Service (NRS); and the Joint Revenue Board (Establishment) Bill, which provides a formal governance structure to facilitate cooperation between revenue authorities at all levels of government.

While inaugurating the Technical Subcommittee on Fiscal Policy and Tax Reforms in Abuja yesterday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said implementation of the new laws had exposed areas requiring clarification and further reforms.

“The real test begins when the law meets the economy, as businesses interpret it, administrators implement it, investors respond to it, and citizens experience it. Implementation inevitably reveals areas requiring clarification, refinement or further reform,” the minister said.

Oyedele said the government was shifting from fundamental tax reforms to continuous improvement, stressing that the review was not intended to reverse the 2025 reforms.

He said, “The Finance Bill 2027 should not be seen as just another annual legislative exercise. Our task is not to rewrite the 2025 reforms, but to preserve their fundamental principles while learning from implementation and responding to new economic realities.

“We must ask where implementation has revealed ambiguity, where unintended consequences have emerged, where compliance can be simplified, and where we can improve investment and competitiveness.”

The review will also cover fiscal policy and management, public financial management, debt, transparency, capital markets and cross-border capital flows.

According to Oyedele, the government received 134 submissions from across Nigeria’s geopolitical zones after inviting public input, alongside additional submissions made in hard copy.

Preliminary concerns raised by stakeholders included calls to clarify and simplify VAT thresholds, withholding tax and capital gains provisions.

Stakeholders also proposed stronger measures against multiple taxation and improved coordination among revenue authorities.

They called for greater digitalisation and data sharing to prevent taxpayers from repeatedly submitting information already available to government agencies.

Other proposals included stronger taxpayer rights, faster refunds, safeguards for small businesses and measures to improve investment and competitiveness in mining, renewable energy, healthcare and capital markets.

Oyedele urged the subcommittee to assess the economic impact of proposed changes, particularly on low-income households, workers and businesses.

“Every tax reform produces winners and losers; the question is whether a policy is fair, efficient and competitive, not whether it is popular with everyone,” he said.

He added, “A provision that raises revenue may impose a far greater cost on the wider economy. The government must optimise the whole economy, not merely achieve a single objective.”

The minister warned that complicated tax rules could increase compliance costs for businesses.

Beyond preparing recommendations for the Finance Bill 2027, the subcommittee will review the Deduction of Tax at Source Regulations 2024 and prepare revised withholding tax regulations.

It will also review the Companies Income Tax (Significant Economic Presence) Order 2020 and develop an updated framework aligned with the new tax laws and international practices.

The Permanent Secretary of the Federal Ministry of Finance chairs the subcommittee, while Chairman of the Tax Advisory Committee Albert Folorunsho serves as co-chair.

Members include representatives of the Federal Ministry of Justice, Nigeria Revenue Service, Joint Revenue Board, Nigeria Customs Service, Central Bank of Nigeria, Debt Management Office, Budget Office of the Federation and Nigerian Investment Promotion Commission.

Other members are drawn from the Small and Medium Enterprises Development Agency of Nigeria, Manufacturers Association of Nigeria, Nigerian Economic Summit Group, Nigerian Bar Association, Association of National Accountants of Nigeria, Chartered Institute of Taxation of Nigeria and Institute of Chartered Accountants of Nigeria.

Representatives of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and the Big Four accounting firms — Deloitte, EY, KPMG and PwC — are also members.

The Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025 and Joint Revenue Board (Establishment) Act 2025 took full effect on January 1, 2026.

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