Court Orders Final Forfeiture of $13 Million Linked to Lagos Firm

On March 25, 2025, Justice Emeka Nwite of the Federal High Court in Abuja ordered the final forfeiture of $13 million associated with Ocean Engineering Oil and Gas Ltd, citing proven links to economic and financial crimes. The court ruled that the company failed to establish the legitimacy of the funds, which were deemed to be proceeds of fraud.

The EFCC had previously filed a suit against Ocean Engineering to reclaim the money, which the court found was not justified by the company's claims of receiving it as a gift. Justice Nwite noted that Ocean Engineering did not appear in court to contest the forfeiture, and no witnesses testified regarding the legitimacy of the funds.

The court emphasized the burden of proof on the company to demonstrate legitimate ownership, which it failed to do. The EFCC's investigation revealed that the funds were allegedly acquired through illicit channels, including unlicensed bureau de change operations.

The court's ruling followed an interim forfeiture order granted on August 22, 2025.