The Federal Capital Territory High Court in Apo, Abuja, has ordered the final forfeiture of assets linked to businesswoman Aisha Achimugu to the federal government.
The forfeited properties include jewellery worth N4,645,170,294.90, 11 exotic cars valued at N4.293 billion, $50,000, and N30 million in cash.
The Economic and Financial Crimes Commission (EFCC) announced the judgment on Thursday, following an extensive financial investigation.
According to the EFCC, intelligence revealed massive inflows and outflows across more than 136 bank accounts associated with Ms. Achimugu. I
nvestigators discovered that substantial funds passing through her companies were not declared as revenue to the Federal Inland Revenue Service (FIRS).
Upon executing a search warrant at her residence, the commission recovered the luxury items that subsequently became the subject of the forfeiture proceedings.
The EFCC further alleged that during interrogation, Ms. Achimugu failed to disclose these assets in her official declaration form.
The commission argued that the funds traced to her accounts did not originate from legitimate business activities and were proceeds of unlawful sources.
After Ms. Achimugu’s legal team filed motions to challenge the interim forfeiture, Justice Jude Onwuegbuzie delivered a final judgment, holding that the businesswoman failed to rebut the evidence or prove the assets were acquired through legitimate means.
This ruling follows an earlier decision by the Federal High Court in Abuja, which ordered the permanent forfeiture of $13 million traced to Oceangate Engineering Oil & Gas Limited, a company linked to Ms. Achimugu.
That investigation centered on the acquisition of two petroleum prospecting licences, where investigators alleged that Oceangate conspired with intermediaries and unlicensed bureau de change operators to source funds outside the formal banking system.
The EFCC maintained that these funds included money diverted from contractors working with the Lagos State Government, despite no identifiable commercial relationship existing between those contractors and Oceangate.
See photos below:
