The assets ordered forfeited include jewellery valued at N4,645,170,294.90, 11 exotic vehicles worth N4.293 billion, $50,000 and N30 million in cash.
The Federal Capital Territory High Court in Apo, Abuja, has ordered the final forfeiture of properties linked to businesswoman Aisha Achimugu, to the federal government.
The properties include jewelry worth N4.6 billion (N4,645,170, 294.9 billion, 11 exotic cars worth N4.23 billion (N4.293,000,000), $50,000 and N30 million.
The Economic and Financial Crimes Commission (EFCC) announced the development in a statement shared with PREMIUM TIMES on Thursday by its Head of Media and Publicity, Dele Oyewale.
It said Justice Jude Onwugbuzie granted the order on Thursday in a judgement on the application for final forfeiture
Ms Achimugu has been the subject of a series of money laundering investigations.
The EFCC has detained and interrogated her over the allegations.
According to the EFCC, the case arose from an extensive financial investigation launched after the commission received intelligence indicating massive inflows and outflows through more than 136 bank accounts allegedly linked to Ms Achimugu.
The anti-graft agency stated that its investigators discovered transactions involving billions of naira and millions of dollars passing through the accounts and companies associated with the businesswoman.
According to the commission, its investigation further revealed that substantial funds that moved through companies linked to Ms Achimugu were allegedly not declared as revenue in financial statements submitted to the Federal Inland Revenue Service (FIRS).
The EFCC explained that investigators subsequently executed search warrants at Ms Achimugu’s residence, where they recovered the jewellery, luxury vehicles and cash that later became the subject of the forfeiture proceedings.
The commission further alleged that during interrogation, Ms Achimugu completed an assets declaration form but failed to disclose the recovered jewellery, vehicles and cash as part of her assets.
Based on its findings, the EFCC argued that the funds traced to accounts linked to the businesswoman did not originate from legitimate business activities and that the recovered assets were acquired from unlawful sources.
Thursday’s ruling is the latest in a series of court decisions involving Ms Achimugu’s assets.
The EFCC said it applied for an interim forfeiture order under Section 17 of the Advance Fee Fraud and Other Related Offences Act after concluding its investigation into the assets recovered from Ms Achimugu’s residence.
The application, argued by the EFCC’s legal team led by Ekele Iheanacho, who is a Senior Advocate of Nigeria (SAN), sought an interim order forfeiting the recovered assets to the Federal Government pending the determination of the substantive application.
On 23 April, Mr Onwuegbuzie granted the interim forfeiture order and directed the commission to publish the order in national newspapers, inviting any person claiming ownership of, or interest in, the assets to appear before the court within 14 days and show cause why they should not be permanently forfeited to the Federal Government.
The EFCC said it complied with the directive by publishing the interim order in national newspapers before filing its application for a final forfeiture order.
According to the commission, Ms Achimugu, through her legal team, responded by filing affidavits to show cause why the assets should not be permanently forfeited. She also filed a motion asking the court to set aside the interim forfeiture order.
The EFCC opposed the applications with a counter-affidavit, insisting that the evidence gathered during its investigation established that the jewelry, luxury vehicles and cash were proceeds of unlawful activities and were therefore liable to forfeiture under the law.
After taking arguments from both parties, Mr Onwuegbuzie reserved judgment until Thursday.
Delivering judgement on Thursday, the judge granted the EFCC’s application for final forfeiture, holding that Ms Achimugu failed to rebut the evidence presented by the commission or discharge the legal burden of proving that the assets were acquired through legitimate means.
According to the EFCC, the court held that the businesswoman did not successfully challenge the evidence linking the assets to unlawful activities and therefore had no legal basis to resist their forfeiture to the Federal Government.
The judgement means that jewellery valued at N4,645,170,294.90, 11 luxury vehicles worth N4.293 billion, $50,000 and N30 million in cash have now been permanently forfeited to the Federal Government.
Earlier this year, the Federal High Court in Abuja ordered the permanent forfeiture of $13 million traced to Oceangate Engineering Oil & Gas Limited, a company linked to the businesswoman, after holding that neither the company nor Ms Achimugu had satisfactorily established the lawful origin of the funds.