The legal battle over multi billion naira properties has taken a fresh turn as Oceangate Engineering to appeal court ruling following a controversial judgment delivered at the Federal High Court in Lagos. The engineering firm expressed its total dissatisfaction with the judicial order which granted the final forfeiture of several high value assets to the Federal Government of Nigeria.
In a formal response issued by its legal team on Thursday, March 26, 2026, the company maintained that the assets in question were acquired through legitimate business operations spanning several decades and were in no way connected to the proceeds of unlawful activities as alleged by anti graft agencies.
The crisis began when the Economic and Financial Crimes Commission (EFCC) moved an ex parte application seeking the forfeiture of properties including luxury real estate in Lagos and Abuja, several high end utility vehicles, and significant credit balances in multiple corporate bank accounts. The commission argued that the wealth was linked to a complex web of contract inflation and money laundering involving high ranking officials in the previous administration.
However, Oceangate Engineering has consistently denied these claims, asserting that it has provided exhaustive documentation proving the source of every kobo used in the acquisition of the contested assets. The firm’s management insists that the lower court erred in law by failing to give adequate weight to the evidence presented by the defense.
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According to the details of the upcoming legal challenge, the company intends to file several grounds of appeal at the Court of Appeal. Their primary argument centers on the claim that the forfeiture order violates the constitutional right to fair hearing and the protection of private property.
Legal representatives for Oceangate Engineering stated that the agency’s reliance on “suspicion” rather than concrete “proof of crime” sets a dangerous precedent for legitimate indigenous businesses. They further argued that the engineering firm has a stellar track record of executing major infrastructure projects across the country and that the current judicial onslaught is an attempt to stifle a thriving Nigerian enterprise.
The assets involved in this high profile case are estimated to be worth over N5 billion, making it one of the most significant forfeiture battles in recent months. The court had previously ordered a temporary forfeiture before making it permanent in its most recent sitting, a move that the company’s lawyers describe as a “miscarriage of justice.”
Beyond the physical properties, the company is also fighting to unfreeze its operational accounts, claiming that the continued restriction of its funds has paralyzed its ability to pay hundreds of staff and complete ongoing government contracts. This economic impact has added a layer of urgency to the appeal as the firm seeks to stay the execution of the forfeiture order.
As the matter moves to the appellate level, the eyes of the Nigerian business community are on the judiciary to see how it balances the fight against corruption with the protection of corporate entities. Oceangate Engineering has reiterated its confidence in the higher courts to reverse what it terms a “predatory” judgment.
The firm has urged its stakeholders and employees to remain calm, promising that it will use every available legal instrument to reclaim its properties and clear its corporate name. The outcome of this appeal is expected to have far reaching implications for how asset forfeiture laws are applied to private engineering firms accused of involvement in public sector financial discrepancies.