The Federal Capital Territory (FCT) High Court in Abuja has ordered the final forfeiture of billions of naira worth of assets linked to prominent businesswoman, Ms Aisha Achimugu, to the Federal Government after ruling that the properties were proceeds of unlawful activities.
Justice Jude Onwugbuzie delivered the judgment on Thursday, July 16, granting the application filed by the Economic and Financial Crimes Commission (EFCC) for the permanent forfeiture of the assets following an extensive investigation into the businesswoman’s financial transactions and alleged illicit wealth.
The assets forfeited include luxury jewellery valued at N4.645 billion, eleven exotic vehicles worth approximately N4.293 billion, $50,000 in cash, and an additional N30 million recovered during investigations.
The ruling marks the culmination of the EFCC’s non-conviction-based forfeiture proceedings, through which the anti-graft agency sought to permanently seize assets it claimed were acquired with proceeds of unlawful activities.
According to the EFCC, the court was satisfied that the commission had established sufficient grounds to demonstrate that the assets were not legitimately acquired and that Achimugu failed to provide credible evidence proving otherwise.
In a statement issued after the judgment, the commission disclosed that its investigation commenced following the receipt of financial intelligence reports indicating suspicious financial transactions involving numerous bank accounts linked to the businesswoman.
The anti-corruption agency revealed that investigators uncovered extensive financial movements running into billions of naira and millions of dollars through more than 136 bank accounts allegedly connected to Achimugu and her business interests.
According to the EFCC, the intelligence suggested that enormous sums of money were being transferred through the accounts without corresponding declarations in the financial records submitted to the relevant tax authorities.
The commission explained that forensic analysis of the financial transactions showed that funds passing through companies allegedly controlled by Achimugu were not reflected as legitimate revenue in the annual financial statements submitted to the Federal Inland Revenue Service (FIRS).
The EFCC stated that this discrepancy raised significant concerns regarding the origin and legitimacy of the funds, prompting investigators to launch a comprehensive inquiry into her financial dealings and corporate operations.
The commission further disclosed that the investigation extended beyond financial records to the execution of search warrants at Achimugu’s residence and other locations linked to her.
According to the agency, the searches led to the recovery of several high-value assets, including expensive jewellery, luxury automobiles, foreign currency, and substantial sums of cash.
Investigators maintained that the recovered assets could not be reconciled with lawful sources of income established during the investigation.
The EFCC also alleged that during interrogation, Achimugu was issued an Assets Declaration Form, which she completed but failed to disclose ownership of the properties eventually recovered by investigators.
According to the commission, the omission further strengthened its suspicion that the assets were deliberately concealed and were not acquired through legitimate means.
The agency stated that its investigation established that the massive inflows into the various accounts associated with Achimugu did not originate from lawful business activities and that the recovered assets were not supported by verifiable legal income.
It maintained that the evidence gathered during the investigation justified the commencement of forfeiture proceedings under Nigeria’s anti-corruption laws.
Following the completion of investigations, the EFCC, through its legal team led by Senior Advocate of Nigeria, Ekele Iheanacho, approached the court seeking an interim forfeiture order in accordance with the provisions of Section 17 of the Advance Fee Fraud and Other Related Offences Act.
The application requested the court to temporarily seize the identified assets pending the conclusion of legal proceedings, arguing that there were reasonable grounds to believe they represented proceeds of unlawful activities.
The court subsequently granted the interim forfeiture order and directed that the order be published to enable any interested party to challenge the proposed forfeiture by demonstrating legitimate ownership and lawful acquisition of the assets.
Following the publication of the interim order, the matter proceeded to hearing, during which the EFCC presented documentary and investigative evidence in support of its application for permanent forfeiture.
After reviewing the evidence and arguments presented by both parties, Justice Onwugbuzie ruled that the EFCC had successfully discharged the legal burden required under the law.
The judge held that the commission presented sufficient evidence linking the recovered assets to suspicious financial activities and that Achimugu failed to provide satisfactory explanations regarding the lawful origin of the properties.
According to the court, merely asserting ownership of the assets was insufficient in forfeiture proceedings without credible documentary evidence demonstrating that they were acquired through legitimate sources of income.
Justice Onwugbuzie consequently granted the EFCC’s application and ordered the final forfeiture of all the identified assets to the Federal Government.
Among the forfeited assets are luxury jewellery valued at N4,645,170,294.90, a collection of 11 exotic vehicles estimated to be worth N4.293 billion, $50,000 in United States currency, and N30 million in cash.
The judgment effectively transfers ownership of the properties from Achimugu to the Federal Government, bringing an end to the forfeiture proceedings unless overturned on appeal.
Reacting to the judgment, the EFCC described the decision as another significant milestone in its efforts to combat financial crimes, illicit enrichment, and money laundering in Nigeria.
The commission reiterated its commitment to tracing, recovering, and confiscating assets suspected to have been acquired through unlawful means, regardless of the status or influence of those involved.
It also emphasized that financial intelligence remains one of its most effective tools in identifying suspicious transactions and uncovering hidden assets linked to corruption and economic crimes.
According to the anti-graft agency, increasing collaboration with financial institutions and regulatory agencies has significantly enhanced its capacity to detect unusual banking activities and initiate investigations before proceeds of crime can be dissipated.
The commission further stressed that asset forfeiture remains an important legal mechanism for depriving individuals involved in financial crimes of the benefits derived from illegal activities.
Legal analysts note that non-conviction-based forfeiture proceedings, such as the one concluded in Achimugu’s case, focus primarily on the legitimacy of the assets rather than securing a criminal conviction against the owner.
Under Nigerian law, once investigators establish reasonable grounds to suspect that assets are proceeds of unlawful activities, the burden shifts to the affected individual to provide convincing evidence that the properties were acquired through legitimate means.
With Thursday’s judgment, the Federal Government assumes ownership of the forfeited assets, while the EFCC says it will continue pursuing individuals suspected of concealing proceeds of crime through complex financial transactions and undeclared assets.
