Businesswoman and Oceangate Engineering Oil & Gas Ltd founder Aisha Achimugu has suffered another major legal setback after a Federal Capital Territory (FCT) High Court in Abuja ordered the permanent forfeiture of billions of naira worth of assets linked to her in favour of the Federal Government.
The ruling, delivered on Thursday by Justice Jude Onwugbuzie at the FCT High Court in Apo, followed an application by the Economic and Financial Crimes Commission (EFCC), which argued that the assets were connected to an ongoing financial crime investigation.
The court granted the anti-graft agency’s request, paving the way for the Federal Government to take ownership of the seized properties.
Among the assets forfeited are jewellery valued at N4.645 billion, 11 luxury vehicles worth N4.293 billion, $50,000 in cash, and N30 million. Altogether, the forfeited assets are valued at more than N8.9 billion, excluding the foreign currency.
According to the EFCC, the assets were traced to Achimugu, prompting the agency to seek a final forfeiture order after completing the required legal process.
Justice Onwugbuzie agreed with the commission’s application and ruled that the properties should be permanently forfeited to the Federal Government.
The latest court decision marks another significant development in the legal proceedings involving the prominent entrepreneur, who has remained under the spotlight since her arrest earlier this year.
Achimugu was taken into custody by the EFCC in April 2025 at the Nnamdi Azikiwe International Airport in Abuja over allegations bordering on money laundering.
Her arrest drew widespread public attention due to her status as the founder of Oceangate Engineering Oil & Gas Ltd, a company known within Nigeria’s energy sector.
Since then, the anti-corruption agency has continued pursuing legal action aimed at recovering assets it believes are connected to alleged illicit financial activities.
Under Nigeria’s asset recovery laws, courts may order the forfeiture of properties found to be proceeds of unlawful conduct or assets whose lawful ownership cannot be satisfactorily established during legal proceedings.
Thursday’s ruling is not the only court victory recently secured by the EFCC in the case.
In a separate judgment, a Federal High Court in Abuja also ordered the final forfeiture of $13 million linked to Achimugu and Oceangate Engineering Oil & Gas Ltd. That decision further strengthens the agency’s efforts to recover assets allegedly tied to the ongoing investigation.
The combined forfeiture orders represent one of the most substantial asset recoveries involving a high-profile business figure in recent months, underscoring the EFCC’s continued focus on pursuing alleged proceeds of financial crimes through the courts.
While the forfeiture orders transfer ownership of the identified assets to the Federal Government, they remain separate from any potential criminal proceedings relating to the money laundering allegations.
As the legal process continues, the case is expected to remain one of the country’s closely watched anti-corruption matters, given the value of the assets involved and the prominence of those connected to the investigation.
