A Federal Capital Territory High Court in Apo, Abuja, on Thursday ordered the final forfeiture of assets worth about N8.9 billion linked to businesswoman Aisha Achimugu to the Federal Government.
The forfeited assets include jewellery valued at N4.65 billion, 11 exotic vehicles worth N4.29 billion, $50,000, and N30 million in cash.
Justice Jude Onwugbuzie made the order while delivering judgment on an application filed by the Economic and Financial Crimes Commission seeking the final forfeiture of the assets.
The EFCC had urged the court to permanently forfeit the properties to the Federal Government, arguing that they were linked to unlawful activities. The court granted the commission’s application and ordered that the jewellery, vehicles, and cash be finally forfeited to the Federal Government.
The forfeiture comes less than four months after the Federal High Court in Abuja ordered Oceangate Engineering Oil & Gas Ltd, a company owned by Achimugu, to forfeit $13 million to the Federal Government after ruling that the funds were reasonably suspected to be proceeds of unlawful activities.
According to the EFCC, Justice Jude Onwugbuzie granted the final forfeiture order on Thursday, July 16, 2026, after delivering judgment on the commission’s application seeking permanent forfeiture of the assets.
“The properties include jewellery worth N4,645,170,294.9, eleven exotic cars worth N4,293,000,000, $50,000 and N30,000,000 cash,” the commission said.
The forfeiture marks the latest development in the EFCC’s investigation into Achimugu’s financial dealings. In March 2025, the anti-graft agency declared the businesswoman wanted over allegations bordering on criminal conspiracy and money laundering. About a month later, Achimugu was arrested by EFCC operatives at the Nnamdi Azikiwe International Airport, Abuja, shortly after arriving from London.
The forfeiture stems from an ongoing EFCC investigation into Oceangate Engineering Oil & Gas Ltd, which the agency alleges used proceeds of unlawful activities to finance the acquisition of oil assets. According to court filings by the EFCC, the company emerged as a successful bidder for two petroleum prospecting licences during the 2024 oil licensing round, with financial commitments exceeding $37.2 million.
Investigators alleged that $20 million paid towards the acquisition was partly funded through cash transactions routed via unlicensed Bureau de Change operators and intermediaries, including $13 million allegedly collected through proxies in Abuja and Lagos before being used for signature bonus payments.
Achimugu is the Group Managing Director and Chief Executive Officer of Felak Concept Group, the parent company of Oceangate Engineering Oil & Gas Ltd, both of which the EFCC alleges she controls.
The latest order comes a day after another major asset recovery by the anti-graft agency, with a Federal High Court in Abuja ordering the final forfeiture of 48 properties linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, after finding the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.
