The Federal Capital Territory High Court in Apo, Abuja, has ordered the final forfeiture of properties linked to businesswoman Aisha Achimugu to the federal government. The properties include jewellery worth N4.6 billion, 11 exotic cars valued at N4.23 billion, $50,000, and N30 million.
EFCC Secures Final Forfeiture Order
The Economic and Financial Crimes Commission (EFCC) announced the development in a statement shared with PREMIUM TIMES on Thursday by its Head of Media and Publicity, Dele Oyewale. The commission stated that Justice Jude Onwugbuzie granted the order on Thursday in a judgement on the application for final forfeiture.
Ms Achimugu has been the subject of a series of money laundering investigations. The EFCC has detained and interrogated her over the allegations.
How EFCC Traced the Assets
According to the EFCC, the case arose from an extensive financial investigation launched after the commission received intelligence indicating massive inflows and outflows through more than 136 bank accounts allegedly linked to Ms Achimugu. The anti-graft agency stated that its investigators discovered transactions involving billions of naira and millions of dollars passing through the accounts and companies associated with the businesswoman.
The commission further revealed that its investigation uncovered that substantial funds moving through companies linked to Ms Achimugu were allegedly not declared as revenue in financial statements submitted to the Federal Inland Revenue Service (FIRS).
The EFCC explained that investigators executed search warrants at Ms Achimugu's residence, where they recovered the jewellery, luxury vehicles, and cash that later became the subject of the forfeiture proceedings. The commission alleged that during interrogation, Ms Achimugu completed an assets declaration form but failed to disclose the recovered items as part of her assets.
Based on its findings, the EFCC argued that the funds traced to accounts linked to the businesswoman did not originate from legitimate business activities and that the recovered assets were acquired from unlawful sources.
How the Court Reached Forfeiture Decision
The EFCC said it applied for an interim forfeiture order under Section 17 of the Advance Fee Fraud and Other Related Offences Act after concluding its investigation. The application, argued by the EFCC's legal team led by Ekele Iheanacho, a Senior Advocate of Nigeria (SAN), sought an interim order forfeiting the recovered assets to the Federal Government pending the determination of the substantive application.
On 23 April, Justice Onwugbuzie granted the interim forfeiture order and directed the commission to publish the order in national newspapers, inviting any person claiming ownership of, or interest in, the assets to appear before the court within 14 days and show cause why they should not be permanently forfeited. The EFCC said it complied with the directive by publishing the interim order before filing its application for a final forfeiture order.
Ms Achimugu, through her legal team, responded by filing affidavits to show cause why the assets should not be permanently forfeited and also filed a motion asking the court to set aside the interim forfeiture order. The EFCC opposed the applications with a counter-affidavit, insisting that the evidence gathered during its investigation established that the assets were proceeds of unlawful activities and were therefore liable to forfeiture under the law.
After taking arguments from both parties, Justice Onwugbuzie reserved judgment until Thursday. Delivering judgement, the judge granted the EFCC's application for final forfeiture, holding that Ms Achimugu failed to rebut the evidence presented by the commission or discharge the legal burden of proving that the assets were acquired through legitimate means.
According to the EFCC, the court held that the businesswoman did not successfully challenge the evidence linking the assets to unlawful activities and therefore had no legal basis to resist their forfeiture to the Federal Government. The judgement means that jewellery valued at N4,645,170,294.90, 11 luxury vehicles worth N4.293 billion, $50,000, and N30 million in cash have now been permanently forfeited to the Federal Government.
Earlier $13 Million Forfeiture and Wider Investigation
Earlier this year, the Federal High Court in Abuja ordered the permanent forfeiture of $13 million traced to Oceangate Engineering Oil & Gas Limited, a company linked to Ms Achimugu, after holding that neither the company nor Ms Achimugu had satisfactorily established the lawful origin of the funds. That decision followed months of litigation arising from an EFCC investigation into the financing of two petroleum prospecting licences acquired by the company.
In that case, another judge, Emeka Nwite, rejected Oceangate's explanation that the money represented proceeds of legitimate oil and gas business activities and gifts allegedly received by Ms Achimugu, holding that the company failed to substantiate the claims with credible evidence. The judge also dismissed objections challenging the court's jurisdiction to entertain the forfeiture proceedings and held that the EFCC had complied with the provisions of the Advance Fee Fraud and Other Related Offences Act.
The earlier judgement significantly widened public attention on the broader investigation into Ms Achimugu's finances because court documents filed by the EFCC alleged that part of the $13 million used in the oil block transactions was sourced through a network of cash transactions and intermediaries before ultimately being transferred for payment of signature bonuses on two oil blocks.
According to documents filed by the EFCC in the earlier forfeiture proceedings, the investigation centred on Oceangate Engineering Oil & Gas Limited's acquisition of two petroleum prospecting licences—Deep Offshore PPL 302 and Shallow Water PPL 3007—during the 2024 oil block licensing round conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The commission told the court that Oceangate emerged as the successful bidder for the two oil blocks and was subsequently notified of the financial obligations it was required to meet before the licences could be issued. The total signature bonus payable to the Federal Government was about $37.2 million.
Investigators alleged that between 20 March and 3 April 2025, the company paid about $20 million towards the acquisition of the licences through a series of transfers. Court filings stated that Providus Bank transferred $7 million on behalf of the company on 27 and 28 March 2025, while another $13 million was remitted in several instalments through Oceangate's Zenith Bank account. The EFCC maintained that the $13 million became the focus of its investigation after intelligence suggested that the money did not originate from any legitimate business activities carried out by the company.
In an affidavit filed in support of the forfeiture application, EFCC investigator Usman Aliyu alleged that Oceangate conspired with unlicensed bureau de change operators and other intermediaries to source and transfer the funds outside the formal banking system before they were eventually paid to the Federal Government as part of the signature bonus. Mr Aliyu alleged that one Suleiman Muhammed Chiroma was engaged to coordinate the collection of cash through associates in Abuja and Lagos. According to the investigator, Mr Chiroma subsequently worked with Dantani Abubakar Hassan of Ashrab Energy and Oil Services Limited and Tirmizi Muhammed Usman of Tripple A & Tee Oil Nigeria Limited in gathering millions of dollars in cash for the transactions.
The investigator further alleged that part of the money used in the oil block payments originated from contractors executing projects for the Lagos State Government. According to the affidavit, Ashrab Energy and Oil Services Limited allegedly received more than N855 million from contractors handling projects on behalf of the Lagos State Government through one of its bank accounts. The EFCC also alleged that the company received additional funds through another account, bringing the total amount to more than N2.45 billion. The commission alleged that the funds were subsequently converted into US dollars and transferred into Oceangate's account before being used to settle part of the signature bonuses.
The EFCC further claimed that its investigation found no contractual or commercial relationship between Oceangate and the contractors whose funds allegedly found their way into the transactions. According to the commission, the contractors were neither shareholders nor investors in Oceangate, nor did they have any identifiable business arrangement that would justify the movement of such large sums to the company.
Following disclosures made in the court filings, PREMIUM TIMES reported in March that the EFCC had expanded its investigation beyond Ms Achimugu and her companies to examine the role played by contractors linked to the Lagos State Government in the movement of the funds. The newspaper reported, citing sources familiar with the investigation, that investigators were also scrutinising whether any public officials had knowledge of, or played any role in, the transactions because part of the money allegedly originated from payments made to contractors working for the Lagos State Government.
The report stated that Governor Babajide Sanwo-Olu was being scrutinised as part of the wider investigation owing to his position as the state's chief executive, although investigators had not publicly disclosed any evidence linking him personally to the transactions or alleging that he authorised any unlawful payments. At the time, PREMIUM TIMES reported that investigators had yet to determine whether the governor had any knowledge of the movement of the funds or whether he was simply being examined because the transactions involved contractors working for the state government.
The Lagos State Government, however, rejected suggestions that the governor was under investigation. Its Attorney General and Commissioner for Justice, Lawal Pedro, had previously maintained that the EFCC neither invited nor threatened to arrest Mr Sanwo-Olu and insisted that the governor had no involvement in any unlawful financial dealings.
The allegations concerning the movement of the $13 million were vigorously contested by Oceangate Engineering Oil & Gas Limited during the forfeiture proceedings. In affidavits filed before the court, the company maintained that the funds used to pay the signature bonuses were lawfully obtained and denied conspiring with unlicensed bureau de change operators or bank officials. A director of the company, Iliya Wakil, told the court that part of the money represented legitimate earnings of the company, while another portion consisted of gifts allegedly made to Ms Achimugu, who is the company's Group Chief Executive Officer.
Mr Wakil also disputed the EFCC's account of how the foreign exchange was sourced. He maintained that Suleiman Muhammed Chiroma, identified by the anti-graft agency as one of the key figures in the transactions, was a licensed bureau de change operator lawfully engaged by Oceangate to source the US dollars required to pay the signature bonuses. According to the company, Mr Chiroma acted independently and in accordance with applicable regulations.
Oceangate further denied knowing Dantani Abubakar Hassan, Ashrab Energy and Oil Services Limited, Tirmizi Muhammed Usman or Tripple A & Tee Oil Nigeria Limited, insisting that it had never entered into any business dealings with them. The company also argued that the naira exchanged for the dollars came from legitimate sources and tendered its audited financial statements in support of its position. It urged the court to set aside the interim forfeiture order, contending that the proceedings violated its right to fair hearing and that the court lacked jurisdiction to have granted the interim order.
The EFCC, however, challenged those claims in a counter-affidavit. The commission argued that its investigation showed Mr Wakil was a nominal director who had no shareholding in Oceangate and remained an employee of another company owned by Ms Achimugu. According to the EFCC, Mr Wakil admitted during interrogation that he received instructions from Ms Achimugu regarding the company's affairs and relayed those instructions to other persons involved in the transactions.
The anti-graft agency also questioned the credibility of Oceangate's audited financial statements. It told the court that the auditor who prepared the report later informed investigators that he relied principally on information supplied by the company and did not examine the company's bank statements before preparing the accounts. The EFCC further alleged that Ms Achimugu admitted during questioning that Oceangate had not undertaken oil and gas contracts capable of generating the level of income claimed by the company.
After considering the evidence presented by both parties, Justice Nwite held that Oceangate failed to satisfactorily explain the origin of the $13 million and ordered its permanent forfeiture to the Federal Government. The judge ruled that the company did not provide sufficient material evidence to support its claim that the funds came from legitimate business activities or gifts and found that the EFCC had established a legal basis for the forfeiture under the Advance Fee Fraud and Other Related Offences Act.
Achimugu Under Public Attention
Public attention first focused on the businesswoman in January 2024 after her lavish 50th birthday celebration in Grenada attracted prominent politicians, business executives and other high-profile guests, including Lagos State Governor Babajide Sanwo-Olu. PREMIUM TIMES had exclusively reported that the governor travelled to the Caribbean island during the festivities, although Mr Sanwo-Olu later said his trip was undertaken to advance Lagos State's economic interests.
The EFCC's investigation intensified in 2025. On 28 March of that year, the commission declared Ms Achimugu wanted over allegations bordering on money laundering and other financial crimes, including claims linking her to the controversial MBA Trading and Capital Limited. Following the declaration, Ms Achimugu approached the Federal High Court in Abuja seeking to restrain the EFCC and other security agencies from arresting or detaining her, arguing that her fundamental rights were under threat.
However, another judge, Inyang Ekwo, directed her to honour the EFCC's invitation and present herself for questioning. She was subsequently arrested by operatives of the commission at the Nnamdi Azikiwe International Airport in Abuja shortly after arriving from London before she was later granted administrative bail. Although she has not been convicted of any criminal offence, investigations into her financial dealings have continued, resulting in multiple civil forfeiture proceedings, including Thursday's judgment by the FCT High Court ordering the permanent forfeiture of jewellery worth N4.65 billion, luxury vehicles valued at N4.29 billion, and cash recovered during the EFCC's investigation.
