By Osordi Ayomide
Businesswoman, Aisha Achimugu has defended the acquisition of oil blocks by her company, Oceangate Engineering Oil & Gas Ltd, insisting the process was transparent and competitive despite an ongoing legal dispute over a $13 million forfeiture.
Achimugu’s comments follow a ruling by a Federal High Court in Abuja ordering the final forfeiture of $13 million linked to her firm to the Federal Government.
The court, presided over by Emeka Nwite, held that the Economic and Financial Crimes Commission (EFCC) established that the funds were proceeds of unlawful activities.
The anti-graft agency had alleged that the money was sourced through unlicensed channels and used to pay signature bonuses for oil blocks acquired by the company.
However, Achimugu maintained that Oceangate emerged successful in oil licensing rounds conducted between 2022 and 2024 through a due process she described as open and merit-based.
She also dismissed claims that the forfeited funds were recovered from her residence, clarifying that only $50,000 and about N13 million belonging to her mother were found during a raid on her home.
“I’m not a bank. I would not keep $13 million in my house,” she said.
The EFCC had earlier declared Achimugu wanted over allegations of criminal conspiracy and money laundering before her subsequent arrest in 2025.
While the court has ruled in favor of the Federal Government, Oceangate has commenced the process of appealing the judgment.
Achimugu further rejected suggestions that her business success is linked to political patronage, stating that she began her entrepreneurial journey in 2001 and built her career within Nigeria’s oil and gas sector over the years.