A Federal Capital Territory (FCT) High Court sitting in Apo, Abuja, has ordered the final forfeiture of assets linked to businesswoman
Aisha Achimugu to the Federal Government.The forfeited assets include jewellery valued at N4,645,170,294.90, 11 exotic vehicles worth N4.293 billion, $50,000 in cash and N30 million.
Justice Jude Onwugbuzie granted the final forfeiture order on Thursday, July 16, 2026, following an application by the Economic and Financial Crimes Commission (EFCC).The ruling comes months after the Federal High Court in Abuja, presided over by Justice Emeka Nwite, ordered the final forfeiture of $13 million linked to Achimugu after holding that the funds were proceeds of unlawful activities.
The court had delivered the judgment on March 25, 2026, in a suit filed by Oceangate Engineering Oil and Gas Limited seeking to reclaim the money.
Justice Nwite held that the company failed to provide credible evidence establishing the legitimate source of the funds.
The judge rejected the company’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.
The $13 million had earlier 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.
Following the interim order, the anti-graft agency published notices inviting any interested parties to appear before the court and show cause why the funds should not be permanently forfeited.
According to an affidavit deposed to by EFCC investigator Usman Aliyu, Oceangate 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 commission told the court that investigations revealed the company participated in the acquisition of oil blocks PPL 302 and PPL 3007, involving financial commitments exceeding $37 million.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.
The anti-graft agency 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.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.
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