Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
A Federal Capital Territory High Court sitting in Apo, Abuja, has ordered the final forfeiture of properties valued at over N8.9 billion linked to businesswoman Aisha Achimugu to the Federal Government, marking the culmination of a prolonged legal battle between the entrepreneur and the Economic and Financial Crimes Commission. Justice Jude Onwugbuzie granted the final forfeiture order on Thursday, July 16, 2026, following an application by the EFCC seeking the permanent forfeiture of the assets, which the anti-graft agency argued were proceeds of unlawful activities. The forfeited assets include jewellery valued at N4,645,170,294.90, eleven exotic vehicles worth N4.293 billion, $50,000 in cash, and N30 million in cash, according to multiple reports.
The ruling represents the latest and most significant victory for the EFCC in its ongoing investigation into Achimugu's financial dealings, following an earlier court order in March 2026 that resulted in the final forfeiture of $13 million linked to her and her company, Oceangate Engineering Oil & Gas Ltd. The $13 million had been placed under interim forfeiture on August 22, 2025, after the EFCC obtained an ex parte order alleging that the funds were linked to suspicious financial transactions involving the acquisition of oil blocks PPL 302 and PPL 3007, with financial commitments exceeding $37 million. Justice Emeka Nwite of the Federal High Court had on March 25, 2026, ordered the final forfeiture of the $13 million after holding that Oceangate Engineering Oil & Gas Ltd failed to provide credible evidence establishing the legitimate source of the funds.
In Thursday's ruling, Justice Onwugbuzie granted the EFCC's application for final forfeiture of the remaining assets, which the commission said were also linked to Achimugu's alleged unlawful activities. The EFCC had urged the court to permanently forfeit the properties to the Federal Government, arguing that they were linked to unlawful activities and that Achimugu had failed to demonstrate that the assets were acquired through legitimate means. The court granted the commission's application and ordered that the jewellery, vehicles, and cash be finally forfeited to the Federal Government. The forfeited jewellery alone is valued at over N4.6 billion, while the eleven exotic vehicles are worth N4.293 billion. The total value of the forfeited assets, including the cash, exceeds N8.9 billion.
According to court documents and EFCC affidavits, the commission's investigation revealed that Oceangate Engineering Oil & Gas Ltd was implicated in a scheme involving unregulated cash transactions and the use of intermediaries to channel funds suspected to be proceeds of unlawful activities. The EFCC further alleged that part of the payments, including the disputed $13 million, was sourced through unlicensed Bureau de Change operators and cash collections conducted outside the formal banking system. Investigators also claimed that intermediaries were engaged to collect millions of dollars in cash across Abuja and Lagos before the funds were funnelled into Oceangate's accounts. Additionally, the commission alleged that some of the funds originated from payments made by contractors linked to the Lagos State Government despite the absence of any established contractual relationship between the contractors and Oceangate.
During the proceedings that led to the forfeiture of the $13 million, Justice Nwite rejected Oceangate's claim that the money comprised gifts made to Achimugu, noting that neither the alleged donors nor Achimugu appeared before the court to substantiate the assertion. "The burden of proof was not discharged," the court held, adding that no verifiable business transactions or legitimate income sources were presented to justify ownership of the funds. The court consequently ruled that the EFCC had satisfied the legal requirements for the money to be classified as proceeds of crime and ordered its forfeiture to the Federal Government.
Achimugu, who is the founder of Oceangate Engineering Oil & Gas Ltd, has been a subject of money laundering investigations into her acquisition of oil blocks. The businesswoman had previously attempted to reclaim the $13 million through a suit filed by her company, but the court ruled against her, holding that the funds were proceeds of unlawful activities. The EFCC had earlier obtained an interim forfeiture order on the $13 million on August 22, 2025, and subsequently published notices inviting any interested parties to appear before the court and show cause why the funds should not be permanently forfeited. No party successfully contested the forfeiture, leading to the final order in March 2026.
With Thursday's ruling by the FCT High Court, the jewellery, vehicles, and cash linked to Achimugu have now been permanently forfeited to the Federal Government. The EFCC has described the ruling as a significant victory in its ongoing efforts to recover assets suspected to be proceeds of crime and to hold individuals accountable for financial impropriety. The commission has reiterated its commitment to investigating and prosecuting cases of money laundering and other financial crimes, regardless of the status or influence of those involved. The ruling also serves as a warning to individuals and entities engaged in illicit financial activities that the long arm of the law will eventually catch up with them.
The total value of assets forfeited from Achimugu now exceeds $13 million and N8.9 billion, making it one of the largest asset recovery cases in Nigeria's recent history. The EFCC has not indicated whether further investigations are ongoing into Achimugu's other business interests or whether additional assets may be targeted for forfeiture. However, the commission has made it clear that it will continue to pursue all leads and ensure that all proceeds of crime are recovered and returned to the Federal Government. For now, the forfeiture of the jewellery, exotic cars, and cash marks a major milestone in the EFCC's campaign against financial crimes and a significant blow to the businesswoman, who has now lost assets worth billions of naira to the Federal Government.
📩 Stone Reporters News | 🌍 stonereportersnews.com
✉️ info@stonereportersnews.com | 📘 Facebook: Stone Reporters News | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments