Abuja Court Forfeits $13 Million in Oil Block Funds

A Federal High Court in Abuja has ordered the permanent forfeiture of $13 million paid by Oceangate Engineering Oil and Gas Limited toward the acquisition of two Nigerian oil blocks, ruling the funds were proceeds of unlawful activity. The decision, delivered by Justice Emeka Nwite on Wednesday, followed an application by the Economic and Financial Crimes Commission, which investigated the transactions as part of broader probes into suspicious financial flows.

The forfeited amount formed part of a $20 million partial payment made by the company between March 20 and April 3, 2025, for Petroleum Prospecting Licences PPL 302 in deep offshore waters and PPL 3007 in shallow waters. Oceangate, a firm associated with businesswoman Aisha Achimugu, had successfully bid for the blocks in 2024 from the Nigerian Upstream Petroleum Regulatory Commission, facing a total obligation of $37.2 million in signature bonuses. Justice Nwite, who issued an interim forfeiture order in August 2025, made the ruling final after the company failed to demonstrate the funds' legitimate origins. The judge dismissed claims that the money included gifts to Achimugu or earnings from business activities, noting...