A Federal High Court sitting in Abuja has fixed March 25, 2026, to deliver its ruling on a motion filed by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of $13 million allegedly linked to Oceangate Engineering Oil & Gas Ltd, a company associated with businesswoman Aisha Achimugu.

Justice Emeka Nwite adjourned the matter for ruling on Monday after counsel to the EFCC, Rotimi Oyedepo (SAN), and Oceangate’s lawyer, Darlington Ozurumba, adopted and argued their final written addresses.

The court had earlier ordered the interim forfeiture of the $13 million last year after the EFCC alleged that the funds were proceeds of unlawful activities. The anti-graft agency was also directed to publish the interim forfeiture order in a national newspaper, inviting interested parties to show cause why the money should not be permanently forfeited to the Federal Government.

Following the publication, Oceangate filed an affidavit challenging the forfeiture, insisting that the funds were legitimately sourced and used to pay signature bonuses for its interests in two oil licences—Petroleum Prospecting Licences (PPL) 302 and 3007—which it won during the 2024 licensing round.

However, the EFCC, in its response, maintained that investigations revealed the $13 million originated from unlawful sources. The commission alleged that part of the funds was traced to contractors working for the Lagos State Government and claimed that Oceangate was used as a shell company to launder illicit proceeds under the guise of acquiring petroleum assets.

According to the EFCC, several companies with no legitimate business relationship with Oceangate transferred large sums into the firm’s Zenith Bank account. The agency further alleged that some of the funds were collected in cash without passing through financial institutions and later converted to dollars to pay for the oil block signature bonuses.

The EFCC also questioned Oceangate’s corporate structure and operations, alleging that key individuals acted on instructions from the company’s Group Chief Executive Officer, Dr Aisha Achimugu, and that the firm had not carried out any substantial oil and gas business to justify the funds.

In contrast, Oceangate denied all allegations of wrongdoing, insisting that the funds were derived from legitimate company earnings and personal gifts to its CEO. The firm also faulted the interim forfeiture order, arguing that it was granted without jurisdiction and violated its right to fair hearing.

Justice Nwite is expected to determine whether the $13 million should be permanently forfeited to the Federal Government or released to Oceangate when the court delivers its ruling on March 25.