The Federal Capital Territory High Court sitting in Apo, Abuja, has ordered the final forfeiture of jewellery, exotic vehicles and cash valued at nearly ₦8.97 billion and $50,000, linked to businesswoman Aisha Achimugu, to the Federal Government.
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Justice Jude Onwugbuzie granted the final forfeiture order on Thursday, July 16, 2026, while delivering judgment on an application filed by the Economic and Financial Crimes Commission.
The forfeited assets comprise jewellery valued at ₦4,645,170,294.90, 11 exotic vehicles valued at ₦4,293,000,000, $50,000 in cash, and an additional ₦30 million in cash.
The EFCC had asked the court to permanently vest the assets in the Federal Government, maintaining that they were linked to unlawful activities.
After considering the commission’s application and Achimugu’s objections, the court granted the request and ordered that the listed assets be finally forfeited to the government.
The final order transfers ownership of the jewellery, vehicles and cash to the Federal Government, subject to any decision that may be reached on appeal.
Thursday’s judgment comes less than four months after Justice Emeka Nwite of the Federal High Court in Abuja ordered the final forfeiture of $13 million linked to Achimugu and Oceangate Engineering Oil & Gas Limited.
TheNigeriaLawyer had reported that the March 25, 2026 judgment followed a claim filed by Oceangate seeking to recover the funds after the EFCC secured an interim forfeiture order on August 22, 2025.
In that case, Oceangate claimed that the $13 million came partly from its legitimate business earnings and partly from gifts made to Achimugu.
Justice Nwite rejected the explanation, holding that neither Achimugu nor any of the persons said to have given her the money appeared before the court to substantiate the claim.
The court also held that the company failed to present credible evidence of business transactions or legitimate income capable of explaining the source of the funds.
The judge consequently found that the EFCC had established grounds for the money to be treated as proceeds of unlawful activities and permanently forfeited to the Federal Government.
The EFCC had alleged that Oceangate participated in the acquisition of Petroleum Prospecting Licences 302 and 3007 during the 2024 oil licensing round, with financial obligations exceeding $37.2 million.
According to the commission, part of the money used for the acquisition was allegedly routed through intermediaries, unlicensed foreign-exchange operators and companies that had no established contractual or investment relationship with Oceangate.
The anti-graft agency also alleged that some of the disputed funds originated from payments made to contractors engaged by the Lagos State Government, despite the absence of any demonstrated business relationship between the contractors and Oceangate.
Oceangate disputed the EFCC’s claims and maintained that the funds were obtained from lawful sources. Following the March judgment, the company said it had commenced steps to challenge the $13 million forfeiture on appeal.
Achimugu, the founder of Oceangate Engineering Oil & Gas Limited and Group Chief Executive Officer of Felak Concept Group, was declared wanted by the EFCC in 2025 over allegations bordering on criminal conspiracy and money laundering.
She was subsequently arrested by EFCC operatives at the Nnamdi Azikiwe International Airport, Abuja, on April 29, 2025, after arriving from London, and was later released following proceedings before the Federal High Court.
The latest judgment represents a separate forfeiture proceeding from the earlier $13 million case and permanently vests the jewellery, 11 luxury vehicles, $50,000 and ₦30 million in the Federal Government unless the order is overturned by a higher court.
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