An FCT High Court in Abuja has ordered the final forfeiture of assets worth over N8.9 billion linked to oil and gas businesswoman Aisha Achimugu to the Federal Government, ruling that the assets were proceeds of unlawful activities. The Economic and Financial Crimes Commission (EFCC) secured the order, which permanently vests ownership of the assets in the government.
Details of the forfeited assets
Justice Jude Onwuegbuzie delivered the judgment on Thursday, July 16, granting the EFCC's application for permanent forfeiture. The assets include jewellery valued at N4,645,170,294.90, 11 exotic vehicles worth N4,293,000,000, $50,000 in cash, and N30 million in cash.
EFCC investigation and allegations
According to the EFCC, investigations traced large sums of money through more than 130 bank accounts linked to Achimugu. The anti-graft agency alleged that funds flowing through companies associated with her were not declared as revenue in financial statements submitted to the Federal Inland Revenue Service (FIRS). The jewellery, vehicles, and cash were recovered during a search of her residence and were not declared in the assets declaration form she completed during the investigation.
Legal proceedings and court ruling
Before the final order, the court had granted an interim forfeiture order and directed the EFCC to publish notices inviting anyone with an interest in the assets to show cause why they should not be permanently forfeited. Achimugu challenged the interim order through her lawyers, while the EFCC filed a counter-affidavit. After considering arguments from both parties, Justice Onwuegbuzie ruled that the EFCC had established that the assets were proceeds of unlawful activities and that Achimugu failed to satisfactorily demonstrate that they were acquired from legitimate sources. The court consequently granted the commission's application for final forfeiture.
Previous forfeiture order
The latest ruling comes months after a Federal High Court in Abuja ordered the final forfeiture of $13 million linked to Achimugu and her company, Oceangate Engineering Oil & Gas Limited, after finding that the funds were proceeds of unlawful activities.
