The Federal High Court in Abuja has ordered the permanent forfeiture of $13 million linked to a firm associated with Aisha Achimugu, citing the funds as proceeds of unlawful activity.
The development comes amid an ongoing probe by the Economic and Financial Crimes Commission into the origin of the money, with investigators examining transactions connected to contractors working with the Lagos State Government.
According to findings presented in court, part of the funds was allegedly sourced from payments made by contractors executing projects for the state, though details of those involved remain undisclosed as investigations continue.
The money was linked to Oceangate Engineering Limited, which had secured bids for two oil blocks — PPL 302 and PPL 3007 — requiring a $37.2 million payment to finalise the deal.
Investigators said the company made a $20 million part-payment in instalments between March and April 2025, including the $13 million now forfeited.
The EFCC also alleged that intermediaries and unlicensed forex operators were used to facilitate the transactions, with over N855 million reportedly traced to funds linked to state contractors and later converted to dollars.
However, the company denied any wrongdoing, maintaining that all transactions were legitimate and carried out through authorised channels.
Justice Emeka Nwite ruled that the explanations provided were not convincing, leading to the forfeiture order.
Investigations into the broader financial links remain ongoing.
