The Federal Capital Territory High Court in Apo, Abuja, has ordered the permanent forfeiture of assets linked to businesswoman Aisha Achimugu to the Federal Government.
The assets forfeited include jewellery valued at N4,645,170,294.90, 11 luxury vehicles worth N4.293 billion, $50,000, and N30 million in cash.
The Economic and Financial Crimes Commission (EFCC) announced the development in a statement issued on Thursday by its Head of Media and Publicity, Dele Oyewale.
According to the anti-graft agency, Justice Jude Onwugbuzie granted the final forfeiture order after delivering judgment on its application.
Achimugu has been under investigation by the EFCC over alleged money laundering and other financial crimes. She was previously detained and questioned by the commission during the course of its investigations.
The EFCC said the case followed a comprehensive financial investigation launched after intelligence reports revealed significant inflows and outflows of funds through more than 136 bank accounts allegedly connected to Achimugu.
Investigators reportedly traced billions of naira and millions of dollars moving through accounts and companies linked to the businesswoman.
The commission alleged that substantial funds passing through companies associated with Achimugu were not declared as revenue in financial statements submitted to the Federal Inland Revenue Service (FIRS).
During searches conducted at her residence under court-authorised warrants, investigators recovered the jewellery, luxury vehicles and cash that later became the subject of the forfeiture proceedings.
The EFCC further claimed that although Achimugu completed an assets declaration form during interrogation, she failed to disclose the recovered jewellery, vehicles and cash.
Based on its findings, the commission argued that the money traced through the accounts did not originate from legitimate business activities and that the recovered assets were acquired from proceeds of unlawful conduct.
The court proceedings began after the EFCC applied for an interim forfeiture order under Section 17 of the Advance Fee Fraud and Other Related Offences Act.
On 23 April, Justice Onwugbuzie granted the interim order and directed the commission to publish notices in national newspapers, inviting anyone with claims to the assets to appear before the court within 14 days and explain why they should not be permanently forfeited.
The EFCC said it complied with the directive before filing for a final forfeiture order.
Achimugu, through her legal team, challenged the application by filing affidavits to show cause and also sought to have the interim forfeiture order set aside.
The commission opposed her applications, insisting that its investigation clearly established that the jewellery, luxury vehicles and cash were proceeds of unlawful activities and therefore liable to forfeiture.
After considering arguments from both parties, the court reserved judgment before delivering its ruling on Thursday.
In his decision, Justice Onwugbuzie granted the EFCC’s application, ruling that Achimugu failed to provide sufficient evidence proving that the assets were lawfully acquired.
According to the EFCC, the judge held that she did not successfully challenge the evidence linking the assets to unlawful activities and therefore had no legal basis to prevent their forfeiture.
As a result, the jewellery valued at N4,645,170,294.90, 11 luxury vehicles worth N4.293 billion, $50,000, and N30 million in cash have now been permanently forfeited to the Federal Government.
The judgment follows an earlier ruling by the Federal High Court in Abuja ordering the permanent forfeiture of $13 million traced to Oceangate Engineering Oil & Gas Limited, a company linked to Achimugu.
In that earlier case, the court held that neither the company nor Achimugu sufficiently established the lawful origin of the funds used in acquiring two petroleum prospecting licences.
According to court documents filed by the EFCC, the investigation centred on Oceangate Engineering Oil & Gas Limited’s acquisition of Deep Offshore PPL 302 and Shallow Water PPL 3007 during the 2024 oil block licensing round organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The commission alleged that about $20 million was paid towards the acquisition of the licences through multiple transfers, while another $13 million became the focus of its investigation after intelligence suggested the funds were not generated from legitimate business activities.
Investigators claimed the money was sourced through a network of cash transactions involving bureau de change operators and intermediaries before eventually being used to pay signature bonuses for the oil blocks.
The EFCC further alleged that part of the funds originated from contractors handling projects for the Lagos State Government, although no evidence has been presented linking Governor Babajide Sanwo-Olu personally to any wrongdoing.
The Lagos State Government has consistently denied reports suggesting the governor was under investigation, insisting that he was neither invited nor threatened with arrest by the EFCC.
During the earlier forfeiture proceedings, Oceangate Engineering Oil & Gas Limited denied the allegations, maintaining that the funds were lawfully obtained through legitimate business operations and gifts allegedly made to Achimugu.
The company also disputed claims that it conspired with unlicensed bureau de change operators or knowingly received funds from contractors.
However, the court rejected those explanations and ruled that the company failed to satisfactorily account for the origin of the $13 million, leading to its permanent forfeiture.
Public attention first turned to Achimugu in January 2024 after her lavish 50th birthday celebration in Grenada attracted prominent political and business figures, including Lagos State Governor Babajide Sanwo-Olu.
In March 2025, the EFCC declared her wanted over allegations bordering on money laundering and other financial crimes before she later honoured the commission’s invitation following a court order.
She was subsequently arrested upon her arrival from London at the Nnamdi Azikiwe International Airport in Abuja and later granted administrative bail.
Although Achimugu has not been convicted of any criminal offence, investigations into her financial activities continue, with Thursday’s judgment marking another significant development in the ongoing case.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
