Oceang to Appeal $13 Million Forfeiture Order Ruling

Oceang's company is set to appeal a court order for the permanent forfeiture of $13 million, issued by Justice Emeka Nwite on Wednesday. The Economic and Financial Crimes Commission (EFCC) argued that the funds were obtained through unlawful activities linked to a contractor engaged by the Lagos State government.

An interim forfeiture order had previously been granted, allowing the company to explain the source of the funds. However, the court dismissed the company's defense, leading to the permanent forfeiture order.

Nnenna Onyeaso, the firm's secretary, described the ruling as a civil asset forfeiture order based on suspicion rather than proof, asserting that neither the company nor its leadership has been convicted of wrongdoing. The EFCC's investigation began in March-April 2025, focusing on the acquisition of oil blocks and alleged transactions involving unlicensed bureau de change operations.

The company maintains that the funds were legitimately obtained and is committed to transparency and legal compliance.