Court Orders Final Forfeiture of N8.9bn Assets Linked to Aisha Achimugu

Aisha Achimugu

Court Orders Final Forfeiture of N8.9bn Assets Linked to Aisha Achimugu

A Federal Capital Territory High Court sitting in Apo, Abuja, has ordered the final forfeiture of assets valued at approximately N8.9 billion linked to businesswoman Aisha Achimugu to the Federal Government. Justice Jude Onwugbuzie granted the permanent forfeiture order on Thursday, July 16, 2026, while delivering judgment on an application by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of the assets. The court held that the anti-graft agency had met the legal requirements for the final forfeiture of the assets, paving the way for their permanent confiscation by the Federal Government.

The forfeited assets include a diverse range of luxury properties, personal effects and cash holdings, all traced to Achimugu. According to the EFCC, the court ordered the permanent forfeiture of jewellery valued at N4,645,170,294.9, 11 exotic vehicles worth N4,293,000,000, $50,000 (US dollars) in cash, and an additional N30,000,000 in cash. The combined value of the naira-denominated jewellery, vehicles and cash stands at more than ₦8.9 billion, excluding the dollar component. The commission had earlier secured an interim forfeiture order before applying for the final forfeiture ruling.

Achimugu, who made headlines in January 2024 for hosting a lavish seven-day 50th birthday party on the Caribbean Island of Grenada attended by high-profile Nigerians, has been under investigation by the EFCC over allegations of money laundering, corruption, and possession of properties reasonably suspected to have been unlawfully obtained. In March 2025, the anti-graft agency declared the businesswoman wanted over allegations bordering on criminal conspiracy and money laundering. About a month later, Achimugu was arrested by EFCC operatives at the Nnamdi Azikiwe International Airport, Abuja, shortly after arriving from London, according to her legal team. She was subsequently granted release after the Federal High Court in Abuja, presided over by Justice Inyang Ekwo, made an order following submissions by her lawyers. The court had directed Achimugu to present herself to the EFCC for questioning over the ongoing investigation and subsequently ordered the commission to produce her before the court with a compliance report. In her defence, Achimugu has maintained that she built her wealth through legitimate entrepreneurship since 2001, denying allegations that her money came from political connections.

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In a separate development, the EFCC also secured a final forfeiture order in March 2026 for **$13 million** traced to Oceangate Engineering Oil & Gas Ltd, a company linked to Achimugu, with Justice Emeka Nwite holding that the anti-graft agency was able to prove that the funds were proceeds of fraud. Investigators alleged that part of the forfeited funds was connected to contractors of the Lagos State Government. According to court filings by the EFCC, the company emerged as a successful bidder for two petroleum prospecting licences during the 2024 oil licensing round, with financial commitments exceeding $37.2 million. Investigators alleged that $20 million paid towards the acquisition was partly funded through cash transactions routed via unlicensed Bureau de Change operators and intermediaries, including $13 million allegedly collected through proxies in Abuja and Lagos before being used for signature bonus payments. Achimugu is the Group Managing Director and Chief Executive Officer of Felak Concept Group, the parent company of Oceangate Engineering Oil & Gas Ltd, both of which the EFCC alleges she controls. Oceangate Engineering Oil & Gas Ltd has since commenced the process of filing an appeal against the $13 million forfeiture order.

The ruling represents another major asset recovery action by the EFCC as part of its efforts to recover properties suspected to have been acquired through proceeds of unlawful activities. The final forfeiture order came a day after another significant development, with a Federal High Court in Abuja ordering the final forfeiture of 48 properties linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), after finding the assets were reasonably suspected to have been acquired with proceeds of unlawful activities. The forfeiture of Achimugu’s assets marks the latest chapter in the EFCC’s ongoing investigation into her financial dealings, which have been closely watched by the public and legal observers.