A Federal Capital Territory High Court in Apo, Abuja, has permanently forfeited assets valued at approximately N8.9 billion to the government following a ruling that linked them to businesswoman Aisha Achimugu. The order marks a significant win for the Economic and Financial Crimes Commission in its drive to recover stolen assets.
Justice Jude Onwuegbuzie handed down the judgment on Thursday after hearing the EFCC's application for permanent forfeiture. The seized items include jewellery worth N4.65 billion, 11 luxury vehicles valued at N4.29 billion, $50,000, and N30 million in cash.
The judge ruled that Achimugu failed to challenge the evidence presented by investigators and did not prove the assets came from lawful sources. This final order came after the court had earlier granted a temporary forfeiture of the same items.
Achimugu's lawyers had filed documents opposing the permanent forfeiture and seeking to overturn the interim order. The EFCC countered their arguments with its own evidence, prompting the court to reserve judgment before delivering Thursday's decision.
Investigators began their probe after receiving intelligence about massive money movements across more than 136 bank accounts allegedly controlled by Achimugu. The financial flows ran into billions of naira and millions of dollars, the agency said.
The EFCC found that funds moving through companies operated by Achimugu were never declared as revenue in reports submitted to the Federal Inland Revenue Service. Searches at her residence uncovered the jewellery, vehicles and cash that became subject to forfeiture.
During interrogation, Achimugu completed an assets declaration form but omitted the recovered items from her statement. The anti-graft agency argued this behaviour, combined with other findings, proved the assets resulted from illegal activity.
Justice Onwuegbuzie agreed with the EFCC's submission and found the evidence compelling enough to warrant permanent forfeiture to the Federal Government. The ruling now transfers full ownership of the assets to the state.
