EFCC Alleges Illicit Funds in Oil Blocks Acquisition
The Economic and Financial Crimes Commission (EFCC) has accused Oceangate Engineering Oil and Gas Limited of using $13 million in alleged illicit funds to acquire two Nigerian oil blocks linked to businesswoman Aisha Achimugu.
In an affidavit filed at the Federal High Court, Abuja, EFCC investigator Usman Aliyu said Oceangate, incorporated in 2005, successfully bid for Deep Offshore PPL 302 and Shallow Water PPL 3007 during the 2024 oil licensing round using funds suspected to be proceeds of unlawful activity. The commission is seeking forfeiture of the $13 million.
Details of the Alleged Transactions
Aliyu stated that Oceangate paid signature bonuses through Zenith Bank, while Providus Bank transferred $7 million to the Federal Government in March 2025. In total, the company allegedly paid $20 million between March 20 and April 3, 2025, for the two oil blocks.
The EFCC alleged that the $13 million was raised with the help of unlicensed Bureau de Change operators and certain bank officials through cash transactions outside the banking system. Some of the funds were collected via associates, including Suleiman Muhammed Chiroma, and routed through companies such as Ashrab Energy and Oil Services Limited and Tripple A & Tee Oil Nigeria Limited.
Aliyu also noted that funds traced to Lagos State contractors were converted to dollars through Ashrab Energy’s Zenith and Access Bank accounts before being transferred to Oceangate. He maintained that the funds were not from legitimate business activities.
Response from Oceangate
Oceangate’s director, Iliya Wakil, denied the allegations, insisting the funds originated from legitimate earnings and gifts to Achimugu. He urged the court to set aside the interim forfeiture order.
Court Proceedings
Justice Emeka Nwite adjourned the case to March 25, 2026, for ruling. An interim forfeiture order had earlier been granted on August 22, 2025, with the EFCC directed to publish a notice inviting interested parties to show cause why the funds should not be permanently forfeited.
