Court orders final forfeiture of Achimugu-linked N8.9bn assets to FG

A Federal Capital Territory High Court in Apo, Abuja, has ordered the final forfeiture of assets worth about N8.9 billion linked to businesswoman Aisha Achimugu to the Federal Government, marking a significant development in the Economic and Financial Crimes Commission’s (EFCC) asset recovery efforts.

Justice Jude Onwuegbuzie delivered the ruling on Thursday while determining an application filed by the EFCC seeking the permanent forfeiture of the assets. The forfeited assets comprise jewellery valued at N4.65 billion, 11 exotic vehicles worth N4.29 billion, $50,000, and N30 million in cash.

In his judgment, the judge held that Achimugu failed to dislodge the evidence presented by the EFCC and did not discharge the burden of proving that the assets were acquired from legitimate sources.

The final order followed an earlier interim forfeiture granted by the court. Following the publication of the interim order, Achimugu, through her legal team, filed affidavits to show cause why the assets should not be permanently forfeited and also applied to have the interim forfeiture order set aside.

The EFCC opposed the applications with a counteraffidavit, after which the court reserved judgment.

According to the anti-graft agency, its investigation began after it received financial intelligence indicating massive inflows and outflows running into billions of naira and millions of dollars through more than 136 bank accounts allegedly linked to Achimugu.

The EFCC alleged that its investigation revealed that funds passing through companies operated by Achimugu were not declared as revenue in the financial statements the companies filed with the Federal Inland Revenue Service (FIRS).

It further stated that searches conducted at her residence led to the recovery of the jewellery, luxury vehicles and cash that were subsequently forfeited.

The commission also alleged that although Achimugu completed an assets declaration form during interrogation, she failed to declare the recovered assets as part of her holdings.

Maintaining that the recovered assets were proceeds of unlawful activities, the EFCC urged the court to grant a final forfeiture order. Justice Onwuegbuzie granted the application, describing the commission’s evidence as sufficient to warrant the permanent forfeiture of the assets to the Federal Government.