Breaking: Court Grants Final Forfeiture of Achimugu‘s N4.6b Jewelries, N4.3b Exotic Cars, $50k, N30m
- FCT High Court granted final forfeiture of Aisha Achimugu's assets worth over N9 billion to the federal government
- EFCC linked Achimugu's assets to money laundering investigations surrounding her oil block acquisition
- Kogi-born Achimugu defended the source of her wealth, explaining that it came from successful business ventures
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Legit.ng journalist Ridwan Adeola Yusuf has over nine years of experience covering anti-corruption in Nigeria and Africa.
FCT, Abuja - A Federal Capital Territory (FCT) High Court, Abuja, on Thursday, July 16, granted the final forfeiture of properties linked to a popular businesswoman, Ms Aisha Achimugu, to the federal government.
According to a post on the official X (formerly Twitter) account of the Economic and Financial Crimes Commission (EFCC), the recovered assets include jewellery valued at N4,645,170,294.90, 11 exotic cars worth N4,293,000,000, $50,000, and N30,000,000 in cash.
Source: UGC
Justice Jude Onwugbuzie granted the order in a judgment on the application for final forfeiture of the properties by the EFCC.
Achimugu has been a subject of money laundering investigations into her acquisition of an oil block.
Achimugu faces asset losses
In January 2024, Achimugu made the headlines when she set the Caribbean Island of Grenada alight with a seven-day 50th birthday party attended by some of the crème de la crème of the Nigerian entertainment industry and prominent figures.
Over a year later, the EFCC declared Achimugu wanted over money laundering allegations. On April 29, 2025, EFCC arrested the businesswoman at the Nnamdi Azikiwe International Airport, Abuja.
In March 2026, a Federal High Court in Abuja ordered the final forfeiture of $13 million allegedly linked to Achimugu and Oceangate Engineering Oil & Gas Limited.
The presiding judge, Emeka Nwite, held that the EFCC had established that the funds were proceeds of fraud.
Following the ruling, Oceangate announced it had begun appealing the final forfeiture order.
Achimugu explains source of wealth
Amid the controversy surrounding the funds allegedly linked to Achimugu's company, reports also emerged alleging that the businesswoman was being backed by some politicians.
In April 2026, the 52-year-old denied claims that her wealth was a result of her association with Babajide Sanwo-Olu, governor of Lagos state.
Speaking in an interview with Channels Television, Achimugu said she started engaging in business in 2001.
According to her, the $50,000 found in her home belonged to her mother.
She said:
“My house was raided. Only $50,000 and N13 million belonging to my mom were found in my house and my personal belongings."
Speaking on how she became wealthy and owned an oil block, the businesswoman said the oil block is owned by Oceangate Engineering Oil & Gas Limited.
Achimugu said her company was awarded the oil block after a “competitive and transparent” bid process.
Asked about the video of Sanwo-Olu at her birthday party and her friendship with the Lagos governor, she responded that she has always had access to those in power because she is doing well for herself.
Source: Twitter
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Court forfeits Malami's 48 properties
Legit.ng previously reported that a top Nigerian court ordered the forfeiture of 48 properties linked to former attorney general of the federation and minister of justice, Abubakar Malami.
Judge Joyce Abdulmalik granted the forfeiture application by the EFCC, holding that Malami and others laying claim to the assets failed to prove they lawfully acquired them.
Source: Legit.ng
