…Jewellery, luxury cars and cash permanently seized as EFCC intensifies money laundering investigation
A Federal Capital Territory (FCT) High Court in Abuja has ordered the permanent forfeiture of assets worth more than N8.9 billion linked to businesswoman Aisha Achimugu, following an application by the Economic and Financial Crimes Commission (EFCC).
The assets include luxury jewellery, exotic vehicles and cash, which the court ruled should be forfeited to the Federal Government.
The EFCC announced the ruling in a statement issued on Thursday through its official communication channels.
Justice Jude Onwugbuzie granted the final forfeiture order on Thursday after upholding the EFCC’s application for the permanent seizure of the assets.
According to the anti-graft agency, the forfeited assets comprise:
- Jewellery valued at N4.65 billion
- Eleven exotic vehicles worth N4.29 billion
- $50,000 in cash
- N30 million in cash
The combined value exceeds N8.9 billion.
“The properties include jewellery worth N4,645,170,294.90, eleven exotic cars worth N4,293,000,000, $50,000 and N30,000,000 cash,” the EFCC said.
The ruling marks another milestone in the EFCC’s ongoing investigation into Achimugu’s financial dealings.
In March 2026, the commission declared the businesswoman wanted over allegations of criminal conspiracy and money laundering.
She was arrested the following month at the Nnamdi Azikiwe International Airport, Abuja, shortly after returning from London, according to her legal representatives.
Achimugu was later released after the Federal High Court, presided over by Justice Inyang Ekwo, granted her relief following submissions by her lawyers and counsel to the EFCC.
The latest forfeiture is connected to the EFCC’s investigation into Oceangate Engineering Oil & Gas Ltd, a company owned by Achimugu.
In March, the Federal High Court ordered the company to forfeit $13 million to the Federal Government after ruling that the funds were reasonably suspected to be proceeds of unlawful activities.
According to court filings, Oceangate emerged as a successful bidder for two petroleum prospecting licences during the 2024 oil licensing round, with financial commitments exceeding $37.2 million.
The EFCC alleged that about $20 million used for the acquisition was partly sourced through cash transactions routed via unlicensed Bureau de Change operators and intermediaries, including $13 million allegedly collected through proxies in Abuja and Lagos before being used to pay signature bonuses.
Achimugu is the Group Managing Director and Chief Executive Officer of Felak Concept Group, the parent company of Oceangate Engineering Oil & Gas Ltd, both of which investigators allege she controls.
The forfeiture comes amid a series of high-profile asset recovery cases by the EFCC.
Just a day earlier, a Federal High Court in Abuja ordered the final forfeiture of 48 properties linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), after finding the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.
The EFCC says the latest court order underscores its continued efforts to recover assets allegedly derived from financial crimes and strengthen accountability in Nigeria’s anti-corruption campaign.
