Justice Jude Onwugbuzie of the Federal Capital Territory (FCT) High Court sitting in Apo, Abuja, has directed the final forfeiture of assets linked to businesswoman Aisah Achimugu to the Federal Government.
The assets to be forfeited are N4,645,170,294.90 jewellery, 11 exotic vehicles worth N4.293 billion, $50,000 and N30 million.
Justice Onwugbuzie granted the order on Thursday, July 16, 2026, after the Economic and Financial Crimes Commission (EFCC) made the application.
The ruling is coming months after Justice Emeka Nwite, of the Federal High Court in Abuja, directed the final forfeiture of $13 million linked to the business woman after holding that the funds were proceeds of unlawful activities.
The court had ruled on March 25, 2026, in the suit filed by oceangate Engineering Oil and Gas Limited seeking to reclaim the money.
Justice Nwite said the company did not prove the legitimate source of the funds, just as it rejected the company’s claim that the cash were gifts made to Achimugu, adding that neither the alleged donors nor Achimugu were in the court to proof the assertion.
“The burden of proof was not discharged,” the court held, adding that no verifiable business transactions or legitimate income sources were presented to justify ownership of the funds.
Justice Nwite therefore, said the EFCC had satisfied the legal requirements for the money to be classified as proceeds of crime and ordered its forfeiture to the Federal Government.
The $13 million had earlier been placed under interim forfeiture on August 22, 2025, after the EFCC obtained an ex parte order alleging that the funds were linked to suspicious financial transactions involving the acquisition of oil blocks.
With the interim order, the EFCC published notices inviting any interested parties to appear before the court and show cause why the funds should not be permanently forfeited.
The affidavit deposed to by EFCC investigator Usman Aliyu said Oceangate was implicated in an unregulated cash transactions and the use of intermediaries to channel funds suspected to be proceeds of unlawful activities.
According to the anti-graft agency, investigations revealed that the company took part in the acquisition of oil blocks PPL 302 and PPL 3007, to more than $37 million.
The commission said part of the payments, including the disputed $13 million, was acquired through unlicensed Bureau de Change operators and cash collections conducted outside the formal banking system.
The anti-graft agency said intermediaries were hired to receive millions of dollars in cash across Abuja and Lagos before the funds were channeled into Oceangate’s accounts.
Also, the EFCC said some of the funds originated from payments made by contractors linked to the Lagos State Government despite the absence of any established contractual relationship between the contractors and Oceangate.
