The Federal Capital Territory High Court in Abuja has issued a final forfeiture order for properties belonging to businesswoman Aisha Achimugu, transferring them to the Federal Government. The assets include jewelries valued at N4,645,170,294.9, eleven exotic cars worth N4,293,000,000, $50,000 in cash, and N30,000,000 in cash.
Court Ruling and EFCC Investigation
Justice Jude Onwugbuzie delivered the judgment on Thursday, July 16, granting the application for final forfeiture filed by the Economic and Financial Crimes Commission (EFCC). The EFCC stated that the assets were proceeds of unlawful activities.
According to an EFCC statement, the investigation was triggered by financial intelligence revealing massive inflows and outflows from over 136 bank accounts linked to Achimugu, amounting to billions of naira and millions of dollars. The probe showed that the funds passing through her companies were not declared as revenue in their financial statements submitted to the Federal Inland Revenue Service (FIRS).
Recovery and Non-Disclosure
The forfeited assets were recovered during searches executed at her residence. During interrogation, Achimugu was given an Assets Declaration Form, which she completed but failed to disclose the recovered assets as her properties. The EFCC determined that the huge funds received into her accounts did not originate from legitimate business activities and that the recovered assets were not from lawful sources.
Following the investigation, the EFCC legal team, led by Ekele Iheanacho, SAN, filed an application for an interim forfeiture order under Section 17 of the Advance Fee Fraud and Other Related Offences Act. The court granted the final order after finding that Achimugu failed to dislodge the EFCC's evidence and did not prove that the assets came from lawful origins.
