Court Orders Final Forfeiture of N8.9bn Jewellery, Luxury Cars, Cash Linked to Aisha Achimugu

The Federal Capital Territory (FCT) High Court sitting in Apo, Abuja, has ordered the permanent forfeiture of jewellery valued at over N4.6 billion, 11 luxury vehicles worth N4.293 billion, and cash recovered from businesswoman Aisha Achimugu to the Federal Government.

Justice Jude Onwugbuzie delivered the judgment on Thursday after granting an application filed by the Economic and Financial Crimes Commission (EFCC), which argued that the assets were proceeds of unlawful activities.

The assets ordered forfeited include jewellery valued at N4,645,170,294.90, 11 exotic vehicles worth N4.293 billion, $50,000 and N30 million in cash.

The EFCC disclosed the development in a statement issued by its Head of Media and Publicity, Dele Oyewale, saying the court granted the final forfeiture after considering arguments presented by both parties.

According to the anti-graft agency, the investigation into Achimugu’s financial activities began after intelligence reports revealed suspicious movements of funds through more than 136 bank accounts allegedly linked to her.

The commission said investigators uncovered transactions involving billions of naira and millions of dollars flowing through the accounts and companies connected to the businesswoman. It also alleged that large sums moving through some of the companies were not declared as revenue in financial records submitted to the Federal Inland Revenue Service (FIRS).

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

It further alleged that although Achimugu completed an assets declaration form during interrogation, she failed to disclose the recovered assets.

Relying on its findings, the commission argued that the funds traced to the accounts were not derived from legitimate business activities and urged the court to order the permanent forfeiture of the recovered assets.

The forfeiture proceedings began after the court granted an interim forfeiture order on April 23 under the Advance Fee Fraud and Other Related Offences Act. Justice Onwugbuzie directed the EFCC to publish the order in national newspapers, giving any interested party 14 days to show cause why the assets should not be permanently forfeited.

Achimugu, through her lawyers, opposed the application by filing affidavits and a motion seeking to set aside the interim order, insisting that the assets should not be forfeited.

The EFCC, however, maintained that evidence gathered during its investigation showed the assets were proceeds of unlawful activities and therefore liable to forfeiture under Nigerian law.

In his judgment, Justice Onwugbuzie held that Achimugu failed to provide sufficient evidence to disprove the EFCC’s claims or establish that the assets were acquired through legitimate means.

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

The ruling comes months after the Federal High Court in Abuja ordered the permanent forfeiture of $13 million linked to Oceangate Engineering Oil and Gas Limited, a company associated with Achimugu.

In that earlier case, Justice Emeka Nwite held that neither the company nor Achimugu satisfactorily explained the lawful origin of the funds, which the EFCC alleged were connected to the acquisition of two petroleum prospecting licences during the 2024 oil block licensing round.

Court documents filed by the commission also alleged that part of the funds used for the transactions passed through a network of cash handlers and intermediaries before being paid as signature bonuses for the oil blocks.

The allegations were challenged by Oceangate, which maintained that the money came from legitimate business activities and gifts made to Achimugu. The company also denied any wrongdoing and argued that the foreign exchange transactions complied with existing regulations.

The court, however, dismissed those arguments and upheld the EFCC’s application for permanent forfeiture.

Achimugu has remained under investigation by the EFCC over allegations of money laundering and other financial crimes. Although she has not been convicted of any criminal offence, the anti-graft agency has continued to pursue civil forfeiture proceedings over assets it believes are linked to illicit financial activities.

The latest judgment marks another significant development in the ongoing investigation into the businesswoman’s financial dealings.