Muhammed Abubakar, Reporting
A Federal Capital Territory High Court sitting in Apo has issued a final forfeiture order, permanently transferring assets worth billions of naira linked to businesswoman, Ms Aisha Achimugu, to the Federal Government.
Justice Jude Onwugbuzie delivered the ruling on Thursday, July 16, 2026, granting the Economic and Financial Crimes Commission’s (EFCC) application for final forfeiture of assets including jewellery valued at N4,645,170,294.9 billion, 11 exotic cars worth N4.293 billion, $50,000 in cash, and N30 million in local currency.
The ruling follows an interim forfeiture order granted by the same court on April 23, 2026, which directed the EFCC to publish the order in national dailies, giving any interested parties 14 days to show cause why the assets should not be permanently forfeited.
The EFCC’s investigation, led by its legal team headed by Ekele Iheanacho, SAN, was triggered by financial intelligence revealing substantial inflows and outflows from over 136 bank accounts linked to Ms Achimugu, totalling billions of naira and millions of dollars.
According to court documents, the probe uncovered that the substantial funds passing through companies operated by the businesswoman were not declared as revenue in their financial statements filed with the Federal Inland Revenue Service (FIRS).
During searches conducted at Ms Achimugu’s residence, the Commission recovered the assets in question. However, when asked to complete an Assets Declaration Form during interrogation, she failed to disclose the recovered items as her property, the court heard.
The EFCC argued that the funds received into accounts linked to Ms Achimugu did not originate from her legitimate business activities, and that the recovered assets were derived from unlawful sources.
In opposing the final forfeiture, Ms Achimugu’s legal team filed affidavits to show cause and a motion to set aside the interim order.
The EFCC countered with a counter-affidavit, and both parties made submissions before Justice Onwugbuzie adjourned for judgment.
Delivering his ruling on Thursday, the judge found that Ms Achimugu had failed to dislodge the evidence presented by the EFCC and had not discharged the burden of proving that the assets were from lawful origins.
The court granted the final forfeiture order under Section 17 of the Advance Fee Fraud and Other Related Offences Act, permanently vesting the properties in the Federal Government of Nigeria.
