•••FCT High Court hands over jewellery, 11 exotic cars and cash to Federal Government after EFCC application
A Federal Capital Territory (FCT) High Court sitting in Apo, Abuja, has ordered the final forfeiture of assets worth over ₦8.9 billion linked to businesswoman Aisha Achimugu to the Federal Government.
Justice Jude Onwuegbuzie granted the order after upholding an application filed by the Economic and Financial Crimes Commission (EFCC), which sought the permanent forfeiture of the assets following investigations into alleged unlawful financial activities.
The forfeited assets include jewellery valued at ₦4.645 billion, 11 exotic vehicles worth ₦4.293 billion, $50,000 in cash, and ₦30 million.
The court held that the assets, which had earlier been placed under an interim forfeiture order, should be permanently forfeited to the Federal Government after the EFCC established that they were reasonably suspected to have been acquired through proceeds of unlawful activities.
According to the EFCC, investigations uncovered extensive financial transactions involving billions of naira and millions of dollars through numerous bank accounts linked to Achimugu. The commission also alleged that funds traced to companies associated with her were not declared as revenue in financial statements submitted to the relevant tax authorities.
The anti-graft agency further stated that searches conducted at Achimugu’s residence led to the recovery of the luxury jewellery, exotic vehicles and cash. It added that although she completed an asset declaration form during interrogation, the recovered assets were allegedly not disclosed.
The latest forfeiture comes less than four months after a Federal High Court in Abuja ordered the final forfeiture of $13 million linked to Oceangate Engineering Oil & Gas Ltd, a company owned by Achimugu, after ruling that the funds were reasonably suspected to be proceeds of unlawful activities.
The ruling represents another significant milestone in the EFCC’s ongoing campaign to recover assets believed to have been acquired through illicit financial transactions and reinforces the agency’s efforts to strengthen accountability in the fight against economic and financial crimes.
