Court Orders Final Forfeiture of Aisha Achimugu’s N4.6bn Jewellery, N4.29bn Cars, Cash to FG (Photos)

• An FCT High Court has ordered the permanent forfeiture of N4.65 billion jewellery, N4.29 billion worth of luxury vehicles, $50,000 and N30 million linked to businesswoman Aisha Achimugu.

The Federal Capital Territory (FCT) High Court in Apo, Abuja, has ordered the permanent forfeiture of billions of naira worth of assets linked to businesswoman Aisha Achimugu to the Federal Government.

Delivering judgment on Thursday, Justice Jude Onwuegbuzie granted the Economic and Financial Crimes Commission’s (EFCC) application for final forfeiture after holding that Achimugu failed to prove the assets were acquired through legitimate means.

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.

According to the EFCC, the forfeiture followed an extensive financial investigation launched after intelligence reports linked Achimugu to massive financial transactions through more than 136 bank accounts.

The anti-graft agency said investigators uncovered billions of naira and millions of dollars moving through accounts and companies allegedly linked to the businesswoman. It also alleged that substantial funds passing through some of the companies were not declared as revenue in financial statements submitted to the Federal Inland Revenue Service (FIRS).

The commission stated that search warrants executed at Achimugu’s residence led to the recovery of the jewellery, luxury vehicles and cash, which later became the subject of the forfeiture proceedings.

The EFCC further alleged 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 assets were proceeds of unlawful activities and therefore liable to forfeiture under the Advance Fee Fraud and Other Related Offences Act.

The court had earlier granted an interim forfeiture order on April 23, directing the EFCC to publish the order in national newspapers and invite anyone with an interest in the assets to appear before the court within 14 days to show cause why they should not be permanently forfeited.

The EFCC said it complied with the directive, after which Achimugu, through her lawyers, filed affidavits opposing the forfeiture and also applied to set aside the interim order.

However, the commission opposed the applications, insisting its investigation established that the assets were proceeds of unlawful activities.

After hearing arguments from both sides, Justice Onwuegbuzie ruled that Achimugu failed to rebut the evidence presented by the EFCC or discharge the legal burden of proving the assets were lawfully acquired.

The judge consequently granted the commission’s application, ordering the permanent forfeiture of the jewellery, vehicles and cash to the Federal Government.

Earlier $13 million forfeiture

Thursday’s ruling adds to a series of court decisions involving Achimugu’s assets.

Earlier this year, the Federal High Court in Abuja ordered the permanent forfeiture of $13 million traced to Oceangate Engineering Oil & Gas Limited, a company linked to the businesswoman.

In that case, Justice Emeka Nwite ruled that neither the company nor Achimugu had satisfactorily explained the lawful origin of the funds, rejecting claims that the money came from legitimate oil and gas business activities and gifts allegedly received by the businesswoman.

The case stemmed from an EFCC investigation into the financing of two petroleum prospecting licences—Deep Offshore PPL 302 and Shallow Water PPL 3007—acquired during the 2024 oil block licensing round conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

According to the EFCC, Oceangate paid about $20 million towards the acquisition of the licences between March and April 2025, with $13 million allegedly sourced through a network of cash transactions involving intermediaries before being transferred to pay part of the signature bonuses.

The commission alleged that some of the funds originated from contractors executing projects for the Lagos State Government, before being converted into US dollars and transferred into Oceangate’s accounts.

The EFCC further claimed that investigations found no legitimate commercial relationship between Oceangate and the contractors whose funds allegedly ended up financing the transactions.

Although Oceangate denied the allegations, insisting the money came from legitimate business activities and lawful foreign exchange transactions, the court held that the company failed to provide sufficient evidence to support its claims and ordered the permanent forfeiture of the funds.

Investigation continues

Achimugu has remained under investigation by the EFCC over allegations bordering on money laundering and other financial crimes.

She was declared wanted by the commission in March 2025, before later honouring the EFCC’s invitation after returning to Nigeria from London. She was subsequently granted administrative bail.

While she has not been convicted of any criminal offence, the EFCC’s investigations into her financial dealings continue, with Thursday’s judgment marking the latest major forfeiture of assets linked to the businesswoman.