Court forfeits ₦8.9bn assets linked to Aisha Achimugu to FG
A Federal High Court has ordered the final forfeiture of ₦4.6 billion in jewellery, ₦4.3 billion in exotic cars, and cash recovered from businesswoman Aisha Achimugu.
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. Justice Jude Onwugbuzie granted the order on Thursday in a judgement on the application for final forfeiture.
The properties include jewellery worth ₦4.6 billion (₦4,645,170,294.9), 11 exotic cars worth ₦4.23 billion (₦4,293,000,000), $50,000 and ₦30 million. Achimugu has been the subject of money-laundering investigations into her acquisition of an oil block.
The EFCC said the court granted the order following its application for final forfeiture. The commission had earlier secured an interim forfeiture order over the assets. Achimugu and her legal team had contested the forfeiture, arguing that the assets were lawfully acquired. The court, however, ruled in favour of the EFCC, holding that the assets were proceeds of unlawful activities.
The case is one of the largest asset forfeiture cases involving a private individual in Nigeria’s recent history. Achimugu, a businesswoman with interests in the oil and gas sector, has been under investigation for several years. The forfeiture is a significant victory for the EFCC and a warning to others who may have acquired assets through questionable means.
This echoes the 2015 asset forfeiture case against former National Security Adviser Sambo Dasuki, which also involved significant assets and raised questions about the effectiveness of Nigeria’s anti-corruption efforts. The mechanism was different then, but the result was the same: a high-profile forfeiture that sent a message.
The winners: the EFCC, which has secured a significant forfeiture, and the Nigerian public, which may see justice served. The losers: Achimugu, who has lost assets worth billions of naira, and the Nigerian government, which must ensure that the forfeiture is not overturned on appeal.
Bottom Line: A court has forfeited ₦8.9 billion in assets linked to Aisha Achimugu. That is a significant victory for the EFCC. The question is whether it is also a victory for justice.