Court Hands FG Final Ownership of Aisha Achimugu's N9bn Assets

Court Hands FG Final Ownership of Aisha Achimugu's N9bn Assets

A Federal Capital Territory (FCT) High Court in Apo, Abuja, has ordered the final forfeiture of assets worth more than N9 billion linked to businesswoman Aisha Achimugu to the Federal Government, following an application by the Economic and Financial Crimes Commission (EFCC).

Justice Jude Onwuegbuzie delivered the judgment on Thursday, granting the anti-graft agency's request after ruling that the assets were proceeds of unlawful activities.

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

According to the EFCC, investigations were launched after it received financial intelligence indicating massive inflows and outflows through more than 136 bank accounts linked to Achimugu, involving billions of naira and millions of dollars.

The Commission said its probe revealed that funds passing through companies associated with the businesswoman were not declared as company revenue in financial statements submitted to the Federal Inland Revenue Service (FIRS).

The EFCC further stated that searches conducted at Achimugu's residence led to the recovery of the forfeited assets. It alleged that although she completed an Assets Declaration Form during interrogation, she failed to declare the recovered valuables.

The Commission maintained that its investigation established that the funds traced to the accounts were not derived from legitimate business activities and that the recovered assets lacked lawful sources.

Based on its findings, the EFCC, through its legal team led by Senior Advocate of Nigeria (SAN) Ekele Iheanacho, approached the court for an interim forfeiture order under Section 17 of the Advance Fee Fraud and Other Related Offences Act.

On April 23, 2026, Justice Onwuegbuzie granted the interim forfeiture order and directed the EFCC to publish the order in national newspapers, inviting any interested party to show cause within 14 days why the assets should not be permanently forfeited.

The Commission complied with the directive and subsequently filed a motion for final forfeiture. Achimugu, through her lawyers, opposed the application by filing affidavits to challenge the forfeiture and sought to set aside the interim order. The EFCC responded with a counter-affidavit.

After hearing arguments from both parties, the court reserved judgment until July 16, 2026.

In its ruling on Thursday, the court held that Achimugu failed to rebut the evidence presented by the EFCC or establish that the assets were acquired through legitimate means.

Justice Onwuegbuzie consequently granted the final forfeiture order, transferring ownership of the assets to the Federal Government.