By Nwosa Hamilton
Controversial businesswoman, Aisha Achimugu, who threw a lavish party to mark her 50th birthday in Grenada in 2024 may be in for a rough patch following indications that her firm, Oceangate Engineering Oil & Gas Limited, is facing a potential loss of Petroleum prospecting license (PPL 235), should it fail to meet up with regulatory conditionalities before its expiration on November 1, 2026.
The New Diplomat’s investigations at the Nigerian Upstream Petroleum Regulatory Commission(NUPRC) reveal that her company, Oceangate Engineering Oil & Gas Company, where she is listed as Founder and Group Chief Executive Officer(CEO), is listed among about over a dozen oil blocks licenses which are billed to expire this year, 2026. In the case of Oceangate Engineering Oil & Gas Limited, its hold on PPL 235 is listed as expiring on November 1, 2026.
Data sourced from Oceangate website indicate that PPL 235 has to do with Udara field located offshore shallow waters, East of the Niger Delta region of Nigeria. It was originally owned or previously held by Exxon Mobil. Further checks at the NUPRC said even though Oceangate could possibly request for an extension of time frame to develop field, its approval is typically contingent upon the value of preliminary work already carried out on the field by the operator, pertinent provisions and protocols of the Petroleum Industry Act(PIA) governing marginal fields operations, and satisfactory explanation that the operator is fully committed to developing the field rather than merely being a brief case operator shopping for investors with the license.
Achimugu first drew widespread public attention in 2024 when she held a lavish party to celebrate her 50th birthday in Grenada, the Caribbean, which was attended by many high-profile personalities, including Lagos State Governor, Babajide Sanwo-Olu. Though Governor Sanwo-Olu in trying to clarify or justify his presence at the lavish party had said his visit to Grenada had to do with moves to attract economic and investment opportunities to Lagos State, many Nigerians did not take it quite lightly as it generated much controversy in the subsequent days and weeks.
The following year, the controversial businesswoman was quizzed by the Economic and Financial Crimes Commission(EFCC), triggering a massive manhunt for Achimugu by the anti-graft agency. In March 2025, the EFCC declared her wanted over allegations of touching on money laundering and financial racketeering. Achimugu, however, fought back. She filed a suit at the Federal High Court, in Abuja seeking a judicial order to restrain the EFCC from either arresting her or detaining her.
But in another ruling, Justice Inyang Ekwo refused to honour her prayers. The judge ruled that Achimugu should honour the invitation of the EFCC. In a dramatic turn of events after a cat and mouse game, the socialite and controversial businesswoman was nabbed by the EFCC. However, she later secured an administrative bail.
However, in July this year, Achimugu was ordered to permanently forfeit jewellery worth N4.65 billion, luxurious cars said to worth about N4.29 billion, and cash said to have been recovered by the EFCC during the investigations. The EFCC which announced the final forfeiture in a statement by its Head of Media and Publicity, Dele Oyewale, said Justice Jude Onwugbuzie granted the order in a landmark judgement following an application for final forfeiture.
However, in the present circumstances, the nuances in the upstream sector of the oil and gas industry are quite complex. Not long ago, during the 2025 bid round, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan warned that it is either the operators drill those assets or they will be taken over from them by NUPRC.
She said: “ As enshrined in the PIA, we want you to remember the “drill or drop’’ provisions. If you do not do anything in 3 years, I’m sorry, we will come for these assets…”
Apart from Achimugu, others listed as directors of Oceangate Engineering Oil & Gas Limited are: John Ibrahim, Uzor Oluchukwu, Buduka Stanley, Illya Wakil, Paul Ayorinde.
