Oceangate rejects forfeiture ruling, heads to Appeal Court

Michael Olumide

Oceangate Engineering Oil & Gas Limited has declared its intention to appeal a recent ruling of the Federal High Court ordering the forfeiture of certain assets belonging to the company, maintaining that neither the organisation nor its leadership was found guilty of any wrongdoing.

In a statement issued on Thursday, the Company Secretary, Barrister Nnenna Onyeaso, described the court’s decision as a civil asset forfeiture order that was based on suspicion rather than concrete proof, stressing that the judgment did not establish any criminal liability against the firm.

According to Onyeaso, the company has already instructed its legal team to commence the appeals process, expressing strong confidence in the judicial system and the likelihood of a favourable outcome upon review.

“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership,” she stated.

“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process.”

She further emphasised that the company remains committed to the rule of law, noting that the appellate system exists precisely to address such outcomes and ensure that justice is ultimately served.

Oceangate also reassured stakeholders that its operations remain stable and unaffected by the development. The firm highlighted its ongoing contributions to Nigeria’s energy sector, as well as its role in providing employment opportunities for Nigerians and supporting economic growth.

Reaffirming confidence in its corporate integrity, Onyeaso stated that the company is optimistic that a thorough judicial review will vindicate its business practices and reinforce its reputation.
“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.

The company also expressed appreciation to its employees, partners, and clients for their continued support during the period, assuring them of its commitment to transparency, accountability, and operational excellence.

In addition, Oceangate reiterated its confidence in Nigeria as an attractive investment destination, describing the country as a land of equity, growth, and opportunity.

“We remain committed to the continued growth of our business and the communities we serve, and we are optimistic that justice will prevail at the end of the legal process,” the statement concluded.