A Federal High Court sitting in Apo, Abuja, has ordered the final forfeiture of multi-billion-naira assets linked to prominent Nigerian businesswoman Aisha Achimugu, transferring the properties to the Federal Government following an application by the Economic and Financial Crimes Commission (EFCC).
The ruling, delivered by Justice Jude Onwugbuzie on Thursday, July 16, 2026, followed the EFCC’s request for the permanent forfeiture of assets the anti-graft agency alleged were proceeds of unlawful activities.
Among the assets forfeited are luxury jewellery valued at approximately ₦4.65 billion, 11 luxury vehicles worth about ₦4.29 billion, $50,000 in cash, and ₦30 million in cash.
Who is Aisha Achimugu?
Aisha Sulaiman Achimugu is a Nigerian business executive and investor. She serves as the Chief Executive Officer of FELAK Concept Group, a conglomerate with interests in the oil and gas, engineering, marine, and information technology sectors.
Originally from Ofu Local Government Area of Kogi State, Achimugu was born in Kuje, Abuja. She studied Accounting at the University of Jos before furthering her education in business administration.
She is also known for her philanthropic work through the SAM Empowerment Foundation and has built a reputation as one of Nigeria’s influential female entrepreneurs.
Why Were the Assets Seized?
According to the EFCC, its investigation uncovered the movement of billions of naira and millions of dollars through bank accounts and companies allegedly linked to Achimugu.
The commission alleged that substantial sums passing through the companies were not declared as income in financial records submitted to the Federal Inland Revenue Service (FIRS).
The anti-corruption agency further stated that a search of Achimugu’s residence led to the recovery of luxury jewellery, high-end vehicles, and cash, which later became the subject of the forfeiture proceedings.
The EFCC also alleged that while completing her asset declaration forms, Achimugu failed to disclose the recovered jewellery, vehicles, and cash as part of her declared assets.
Based on its investigation, the commission argued that the funds traced to accounts associated with the businesswoman were not from legitimate sources.
The latest court ruling marks another significant development in the legal proceedings involving Achimugu’s assets, with the forfeited properties now officially transferred to the Federal Government.
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