A Federal High Court in Abuja has fixed March 25 for ruling on a motion by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of $13 million linked to Oceangate Engineering Oil & Gas Ltd, a company associated with businesswoman Aisha Achimugu.

Justice Emeka Nwite adjourned the matter after hearing final submissions from EFCC counsel, Rotimi Oyedepo (SAN), and Oceangate’s lawyer, Darlington Ozurumba.

The court had earlier ordered interim forfeiture of the funds, which the EFCC alleged were proceeds of unlawful activities.

It also directed the commission to publish the interim order in a national newspaper to allow any interested party to show cause why the money should not be permanently forfeited to the Federal Government.

In response, Oceangate filed an affidavit to show cause, claiming ownership of the funds and denying the EFCC’s assertion that the money was derived from illegal sources.

The company stated that the funds were legitimately raised for payment of signature bonuses for its interests in two oil licences — PPL 302 and PPL 3007 — awarded in 2024.

In its counter-affidavit, the EFCC detailed findings from its investigation, alleging that the $13 million originated from unlawful sources and that portions of the funds were traced to contractors engaged by the Lagos State Government.

The commission further alleged that Oceangate was used as a vehicle to acquire petroleum assets with funds suspected to be illicit and that some of the monies were transferred through companies said to have no legitimate business relationship with Oceangate.

The EFCC also told the court that its investigation indicated the company had no record of legitimate oil and gas operations sufficient to generate such funds and urged the court to grant a final forfeiture order.

Oceangate, however, denied all allegations. In its filings, the company maintained that the funds were derived from legitimate business earnings and private financing, rejected claims of conspiracy with unlicensed foreign exchange operators, and insisted it had no dealings with some of the entities named by the EFCC.

The company also asked the court to set aside the interim forfeiture order, arguing that it was made without jurisdiction and in breach of its right to fair hearing.

Justice Nwite adjourned the matter to March 25 for ruling.