By Peace Udugba
Exotic Cars to Federal Government
A Federal Capital Territory (FCT) High Court sitting in Apo, Abuja, has ordered the final forfeiture of assets linked to businesswoman Aisha Achimugu to the Federal Government.
The assets include jewellery valued at N4,645,170,294.90, 11 exotic vehicles worth N4.293 billion, $50,000 in cash and N30 million in cash.
Justice Jude Onwuegbuzie delivered the judgment on Thursday, July 16, 2026, granting the Economic and Financial Crimes Commission (EFCC)’s application for the final forfeiture of the assets.
According to the EFCC, investigations revealed that the assets were proceeds of unlawful activities. The probe began after the Commission received financial intelligence indicating massive inflows and outflows through more than 136 bank accounts linked to Achimugu, involving billions of naira and millions of dollars.
The anti-graft agency said its investigation showed that the huge sums that passed through companies associated with Achimugu were not declared as revenue in the firms’ financial statements submitted to the Federal Inland Revenue Service (FIRS).
During the investigation, EFCC operatives conducted searches at Achimugu’s residence, where the jewellery, luxury vehicles and cash were recovered. The Commission further stated that although Achimugu completed an Assets Declaration Form while being questioned, she failed to declare the recovered assets as her property.
The EFCC maintained that its investigation established that the funds traced to the accounts linked to Achimugu were not derived from legitimate business activities and that the recovered assets had no lawful source.
Following the investigation, the Commission, through its legal team led by Senior Advocate of Nigeria (SAN), Ekele Iheanacho, filed an application seeking an interim forfeiture order under Section 17 of the Advance Fee Fraud and Other Related Offences Act.
On April 23, 2026, Justice Onwuegbuzie granted the interim forfeiture order and directed the EFCC to publish the order in national newspapers, inviting any interested party to show cause within 14 days why the assets should not be permanently forfeited.
The EFCC complied with the directive and subsequently filed a motion for final forfeiture. Achimugu, through her legal team, filed affidavits and a motion seeking to set aside the interim order, arguing against the forfeiture. The EFCC opposed the application with a counter-affidavit.
After hearing arguments from both parties, the court reserved judgment until July 16, 2026.
In its judgment, the court held that Achimugu failed to rebut the evidence presented by the EFCC or establish that the assets were acquired through legitimate means.
Justice Onwuegbuzie consequently ordered the final forfeiture of the jewellery, luxury vehicles and cash to the Federal Government of Nigeria.
