Written by
Ishioma Appiah-Yeboah
A Federal Capital Territory (FCT) High Court in Apo, Abuja, has ordered the final forfeiture of assets worth more than ₦9 billion belonging to businesswoman Aisha Achimugu to the Federal Government, following an application by the Economic and Financial Crimes Commission (EFCC).
The forfeited assets include jewellery valued at ₦4.645 billion, 11 exotic vehicles worth ₦4.293 billion, $50,000, and ₦30 million in cash.
Justice Jude Onwuegbuzie delivered the judgment on Thursday, ruling that the EFCC had established that the assets were proceeds of unlawful activities and that Achimugu failed to prove they were acquired through legitimate means.
According to the EFCC, its investigation began after receiving financial intelligence on suspicious transactions involving more than 136 bank accounts linked to Achimugu. The Commission said the accounts recorded inflows and outflows running into billions of naira and millions of dollars.
Investigators also alleged that funds passing through companies associated with Achimugu were not declared as revenue in financial statements filed with the Federal Inland Revenue Service (FIRS), raising concerns over the legitimacy of the transactions.
The anti-graft agency further stated that the assets were recovered during a search of Achimugu’s residence. It added that although she completed an asset declaration form while under investigation, she did not disclose ownership of the recovered jewellery, vehicles and cash.
The EFCC subsequently approached the court under Section 17 of the Advance Fee Fraud and Other Related Offences Act, seeking an interim forfeiture order. On April 23, 2026, the court granted the request and directed the Commission 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.
Achimugu, through her legal team, later challenged the interim forfeiture order and filed affidavits opposing the final forfeiture. The EFCC responded with a counter-affidavit, after which both parties adopted their arguments before the court reserved judgment.
In its ruling, the court held that Achimugu failed to dislodge the evidence presented by the EFCC or demonstrate that the assets originated from lawful business activities.
The judgment clears the way for the Federal Government to take permanent ownership of the forfeited assets, marking one of the EFCC’s most significant asset recovery victories in recent months.