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The Federal High Court has fixed March 25 for the hearing of a high-profile $13 million case involving the Economic and Financial Crimes Commission (EFCC) and Oceangate Oil and Gas Engineering.
The anti-graft agency is prosecuting the firm and its directors over alleged financial improprieties bordering on money laundering and contract-related offences. The case, which has drawn public attention due to the amount involved, was adjourned to allow parties to respond to fresh filings.
At the last court session, EFCC counsel informed the court that investigations revealed suspicious transactions linked to the funds, which were allegedly moved through multiple accounts to conceal their origin. The commission insists the funds were proceeds of unlawful activities.
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Counsel to Oceangate, however, dismissed the allegations, arguing that the transactions were legitimate and related to genuine business operations. The defence accused the EFCC of misinterpreting commercial agreements and vowed to challenge the charges.
Justice presiding over the matter ordered both parties to ensure compliance with court procedures ahead of the next hearing. The judge also cautioned against unnecessary delays, noting the public interest surrounding the case.
Legal analysts say the outcome could have broader implications for corporate governance and regulatory oversight in Nigeria’s oil and gas sector.
As the March 25 date approaches, stakeholders are watching closely, with expectations that the hearing will provide clearer insight into the strength of the prosecution’s case.
