How Aisha Achimugu allegedly used $13m to acquire Nigerian oil blocks – EFCC

The Economic and Financial Crimes Commission (EFCC) has outlined how $13 million in alleged illicit funds linked to Oceangate Engineering Oil and Gas Limited was used to acquire two Nigerian oil blocks associated with businesswoman Aisha Achimugu.

According to an affidavit filed at the Federal High Court in Abuja by an EFCC investigator, Usman Aliyu, Oceangate used the funds to secure Deep Offshore Prospecting Licence (PPL) 302 and Shallow Water PPL 3007 during the 2024 oil licensing round.

Aliyu stated that Oceangate, incorporated in 2005, paid signature bonuses for the oil blocks through Zenith Bank, while Providus Bank transferred $7 million to the Federal Government in March 2025. He said the company paid a total of $20 million between March 20 and April 3, 2025, for the two licences.

The EFCC alleged that $13 million of the funds used for the transactions was raised through cash dealings outside the formal banking system. According to the commission, Oceangate conspired with unlicensed Bureau de Change operators and some bank officials to move the money.

Aliyu claimed that the cash was collected through associates, including Suleiman Muhammed Chiroma, with additional involvement from Ashrab Energy and Oil Services Limited and Tripple A & Tee Oil Nigeria Limited.

The affidavit further alleged that funds traced to contractors working for the Lagos State Government were channelled through Ashrab Energy’s accounts with Zenith Bank and Access Bank, converted to dollars, and subsequently transferred to Oceangate.

The EFCC maintained that the $13 million did not originate from legitimate business activities but was reasonably suspected to be proceeds of unlawful transactions.

In response, Oceangate’s director, Iliya Wakil, denied the allegations, stating that the funds were derived from legitimate business income and personal gifts to Achimugu. He asked the court to set aside the interim forfeiture order.

Justice Emeka Nwite adjourned the matter to March 25, 2026, for ruling. The court 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.