A Federal Capital Territory (FCT) High Court sitting in Apo, Abuja, has ordered the final forfeiture of assets worth over N8.9 billion belonging to businesswoman Aisha Achimugu to the Federal Government after holding that they were proceeds of unlawful activities.
The forfeited assets comprise jewellery valued at N4,645,170,294.90, 11 exotic vehicles worth N4.293 billion, $50,000 and N30 million in cash.
Justice Jude Onwugbuzie made the order on Thursday, July 16, 2026, while delivering judgment on an application filed by the Economic and Financial Crimes Commission (EFCC) seeking the permanent forfeiture of the assets.
The court held that the EFCC had established its case and that Achimugu failed to provide satisfactory evidence that the assets were acquired from legitimate sources.
According to the EFCC, the investigation began after it received intelligence reports indicating massive financial transactions involving more than 136 bank accounts linked to Achimugu. The commission said billions of naira and millions of dollars moved through the accounts over a period of time.
Investigators further discovered that funds which passed through companies associated with the businesswoman were allegedly not declared as revenue in the financial statements submitted to the Federal Inland Revenue Service (FIRS), raising suspicion about the source of the money.
The anti-graft agency said it subsequently executed search warrants at Achimugu’s residence, where the jewellery, luxury vehicles and cash were recovered.
The EFCC also told the court that although Achimugu was issued an Assets Declaration Form during interrogation, she allegedly failed to declare the recovered assets as part of her personal property.
Based on its findings, the commission maintained that the funds traced to the accounts linked to her did not originate from legitimate business activities and that the recovered assets were acquired with proceeds of unlawful activities.
Following the investigation, the EFCC, through its lead counsel, Ekele Iheanacho (SAN), approached the court for an interim forfeiture order pursuant to Section 17 of the Advance Fee Fraud and Other Related Offences Act.
On April 23, 2026, Justice Onwugbuzie granted the interim application and directed the EFCC to publish the order in national newspapers, inviting anyone with an interest in the assets to appear before the court within 14 days and show cause why they should not be permanently forfeited.
The commission complied with the directive and thereafter filed its application for final forfeiture.
Achimugu, through her legal team, opposed the application by filing affidavits to show cause and also urged the court to set aside the interim forfeiture order. The EFCC responded with a counter-affidavit, after which both parties adopted their arguments and the matter was reserved for judgment.
Delivering judgment on Thursday, Justice Onwugbuzie dismissed the objections and granted the final forfeiture order.
The judge held that Achimugu failed to rebut the evidence presented by the EFCC and did not discharge the legal burden of proving that the assets were lawfully acquired.
With the judgment, the jewellery, luxury vehicles and cash, with a combined value of more than N8.9 billion, have now been permanently forfeited to the Federal Government of Nigeria.
