EFCC details how $13M in alleged illicit funds helped Aisha Achimugu-linked Oceangate acquire Nigerian oil blocks PPL 302 and PPL 3007. Court adjourns to March 25, 2026, for ruling on final forfeiture amid money laundering claims
EFCC Reveals How Aisha Achimugu used $13m in alleged illicit funds to buy Nigerian oil blocks
The Economic and Financial Crimes Commission (EFCC) has intensified its probe into suspected money laundering, detailing how $13 million in allegedly illicit funds was used by Oceangate Engineering Oil and Gas Limited—a company tied to prominent businesswoman Aisha Achimugu—to secure two lucrative Nigerian oil blocks.
In an affidavit submitted to the Federal High Court in Abuja, EFCC investigator Usman Aliyu explained that Oceangate, incorporated in 2005, successfully bid for Deep Offshore Production Prospecting License (PPL) 302 and Shallow Water PPL 3007 during the 2024 oil block licensing round organized by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The commission alleges that $13 million of the total $20 million paid as signature bonuses between March 20 and April 3, 2025, originated from unlawful sources. Payments included $7 million transferred via Providus Bank in March 2025, with additional funds routed through Zenith Bank.
According to Aliyu, Oceangate conspired with unlicensed Bureau de Change operators, certain bank officials, and associates to handle cash transactions outside formal banking channels. Key involvement includes Suleiman Muhammed Chiroma, who allegedly collected $13 million in cash through associates in Abuja and Lagos.
Further probes traced funds linked to Lagos State contractors, which were routed through Ashrab Energy and Oil Services Limited’s accounts at Zenith and Access Banks, converted to dollars, and transferred to Oceangate. Tripple A & Tee Oil Nigeria Limited was also implicated in facilitating the scheme.
The EFCC described Oceangate as a “shell company” used to launder tainted funds into legitimate petroleum assets, asserting: “The funds ‘were not proceeds of any lawful and legitimate business of Oceangate but rather represent funds reasonably suspected to be proceeds of unlawful activity.’”
The anti-graft agency is pushing for final forfeiture of the $13 million to the Federal Government.
Oceangate director Iliya Wakil countered the claims in an affidavit, insisting the funds derived from legitimate company earnings and gifts to Group CEO Dr. Aisha Achimugu. He urged the court to discharge the interim forfeiture order granted ex-parte on August 22, 2025.
Justice Emeka Nwite, who previously ordered publication of the interim forfeiture notice to allow interested parties to show cause, adjourned the matter to March 25, 2026, for a ruling after hearing arguments from both sides.
The case highlights heightened scrutiny on oil block allocations, financial transparency in Nigeria’s energy sector, and the EFCC’s crackdown on suspected proceeds of crime funneled into high-value assets.
