The Court of Appeal sitting in Port Harcourt, Rivers State, has dismissed an application by the Economic and Financial Crimes Commission seeking leave to appeal to the Supreme Court against an earlier judgment that vacated an order freezing 124 bank accounts linked to businesswoman Aisha Achimugu and companies associated with her.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
The appellate court, in its ruling, held that the EFCC’s application lacked merit, thereby leaving intact its July 22, 2026 judgment which discharged the interim freezing order.
The 124 accounts had been frozen pursuant to an ex parte order granted by the Federal High Court in Port Harcourt on April 10, 2025, following an application by the EFCC.
The order directed the affected banks to restrict outward transactions on accounts linked to Achimugu and associated companies while investigations continued.
Achimugu later approached the court to set aside the order, arguing that allowing the restriction to remain indefinitely amounted to an abuse of court process.
The dispute also involved the transfer of ₦1.8 billion from a SunTrust Bank account to a recovery account associated with the Central Bank of Nigeria and the EFCC.
On August 27, 2025, the Federal High Court held that the transfer was unlawful and ordered that the ₦1.8 billion be returned.
The EFCC appealed that decision, arguing, among other grounds, that the lower court lacked jurisdiction to deliver its ruling during the annual judicial vacation, that the Commission was denied fair hearing and that the court failed to properly evaluate evidence relating to the affected accounts and balances.
In its July 22 judgment, however, the Court of Appeal rejected the EFCC’s arguments on jurisdiction and fair hearing.
The appellate court held that the delivery of a reserved ruling during the court’s annual vacation did not invalidate the proceedings or occasion a miscarriage of justice.
It also held that the Federal High Court had the power to make consequential orders aimed at preserving funds covered by a freezing order.
The Court of Appeal, however, set aside the order directing the reversal of the ₦1.8 billion transfer.
The court held that the evidence before it did not establish that the ₦1.8 billion came from an account covered by the original freezing order.
According to the court, the relevant current account had a balance of about ₦50.5 million, while the ₦1.8 billion was held in a fixed-deposit account. The court also referred to separate internal ledger accounts involving larger sums.
The appellate court stressed, however, that setting aside the order directing the return of the ₦1.8 billion did not amount to a judicial finding that the EFCC’s directive to transfer the money was lawful.
Notwithstanding that finding in favour of the Commission on the ₦1.8 billion issue, the Court of Appeal vacated the freezing order over the 124 accounts in its entirety.
The three-member panel of Justices Muhammad Sirajo, Ishaq Sani and Eleojo Enenche held that allowing an ex parte interim freezing order to remain in force for more than 15 months amounted to an abuse of court process and a subversion of the rule of law.
The court held that an ex parte freezing order is intended to preserve disputed funds temporarily pending the hearing and determination of a motion on notice and cannot be allowed to operate indefinitely.
Following that judgment, the EFCC sought leave of the Court of Appeal to further challenge the decision at the Supreme Court.
The appellate court has now dismissed that application for want of merit.
The latest ruling therefore leaves the July 22 judgment vacating the freezing order over Achimugu’s 124 accounts in force.
The decision does not, however, determine the substantive allegations being investigated by the EFCC against Achimugu.
Achimugu, founder of Oceangate Engineering Oil & Gas Ltd and Group Managing Director of Felak Concept Group, is also involved in separate proceedings with the Commission.
On July 16, 2026, an FCT High Court ordered the final forfeiture of assets valued at about ₦8.9 billion linked to her following an application by the EFCC.
On October 12, a Federal High Court in Abuja also dismissed a ₦10 billion fundamental rights suit she instituted against the Commission over the search of her residence and seizure of her belongings.
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
