A Federal Capital Territory (FCT) High Court has ordered the permanent forfeiture of luxury assets linked to businesswoman and Oceangate Engineering Oil & Gas Ltd founder, Aisha Achimugu, handing over properties worth billions of naira to the Federal Government.
The ruling was delivered on Thursday by Justice Jude Onwugbuzie of the FCT High Court in Apo after granting an application filed by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency argued that the assets were connected to ongoing investigations involving Achimugu.
Among the assets forfeited are jewellery valued at N4.645 billion, 11 exotic vehicles worth N4.293 billion, $50,000 in cash, and N30 million. Altogether, the confiscated properties are estimated to be worth more than N8.9 billion, excluding the foreign currency.
Achimugu first drew widespread public attention in January 2024 after hosting an extravagant week-long celebration for her 50th birthday on the Caribbean Island of Grenada. The event attracted several top Nigerian entertainers, business figures and other high-profile guests, generating significant attention on social media.
Her fortunes changed months later when the EFCC declared her wanted over allegations of money laundering. She was eventually arrested on April 29, 2025, at the Nnamdi Azikiwe International Airport in Abuja as investigations into her financial activities intensified.
The latest forfeiture follows another major court decision earlier this year. In March 2026, the Federal High Court in Abuja ordered the final forfeiture of $13 million allegedly linked to Achimugu and Oceangate Engineering Oil & Gas Ltd after ruling that the EFCC had established the funds were proceeds of fraud.
Following that judgment, Oceangate Engineering Oil & Gas Ltd announced plans to challenge the decision at the Court of Appeal. The company maintained that it would pursue all available legal options, while reports have also circulated alleging that some politicians were backing the businesswoman during the controversy, although those claims have not been officially established.
