Court forfeits businesswoman Achimugu’s N8.9bn jewellery, cars to FG

The Supreme Court of Nigeria has upheld the permanent forfeiture of several high-value assets linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, including seven properties, over $2 million in cash, and share certificates tied to the Queensdorf Global Fund Limited. The ruling, delivered unanimously by a five-judge panel, reaffirmed the decision of the Federal High Court in Lagos, which had previously ordered the final forfeiture of these assets due to their suspected connection to proceeds of unlawful activities. This decision overturns the earlier ruling by the Court of Appeal in Lagos, which had lifted the forfeiture order. The process began in November 2024 when Justice Deinde Dipeolu of the Federal High Court in Lagos issued the initial order for the final forfeiture of the assets. The application was brought under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution. The lead applicant, Rotimi Oyedepo, a Senior Advocate of Nigeria and Director of Public Prosecutions, argued that the assets were reasonably suspected to have been acquired using illicit funds. Supporting this claim, an affidavit submitted by David Jayeoba, an investigator with the Economic and Financial Crimes Commission (EFCC), detailed how the assets were linked to unlawful activities. Emefiele, who was removed from his position as CBN governor by President Bola Tinubu in 2023, has faced multiple corruption-related charges in both Lagos and Abuja. These charges stem from allegations surrounding his tenure at the central bank. Following the Federal High Court's initial order, Emefiele appealed the decision to the Court of Appeal, which ruled in his favor, effectively reversing the forfeiture. However, the EFCC was dissatisfied with this outcome and took the case to the Supreme Court, which ultimately reinstated the original order. The specific assets subject to the final forfeiture include a fully detached duplex located at No. 17B Hakeem Odumosu Street in Lekki Phase 1, Lagos; an undeveloped parcel of land in Ikoyi, Lagos; a bungalow at No. 65A Oyinkan Abayomi Drive in Ikoyi; a four-bedroom duplex at 12A Probyn Road in Ikoyi; an industrial complex under construction in Agbor, Delta State; eight units of undetached apartments in Ikoyi; a full duplex in Ikoyi; $2,045,000 in cash; and share certificates related to the Queensdorf Global Fund Limited. This latest ruling follows another major asset forfeiture involving businesswoman Aisha Achimugu. In a separate case, the Federal Capital Territory High Court in Abuja ordered the final forfeiture of approximately N8.9 billion in assets, including jewellery valued at N4.65 billion, 11 exotic vehicles worth N4.29 billion, $50,000, and N30 million in cash. Justice Jude Onwuegbuzie presided over the case, ruling that Achimugu failed to prove that the assets were obtained legally. The EFCC had initially secured an interim forfeiture order in April 2026, prompting Achimugu's legal team to challenge the move. Despite her efforts, the court upheld the EFCC's request for the final forfeiture. Investigations into Achimugu's finances revealed substantial inflows and outflows totaling billions of naira and millions of dollars through over 136 bank accounts associated with her. The EFCC claimed that these transactions were not properly declared in the financial statements of the companies she controlled. Searches at her residence uncovered the seized items, which the commission argues were proceeds of illegal activity. Although Achimugu completed an assets declaration form during her interrogation, she reportedly did not disclose ownership of the recovered assets. The EFCC maintains that the funds traced to accounts linked to Achimugu were not derived from legitimate business operations. As a result, the court deemed the assets to be proceeds of unlawful activities and ordered their forfeiture to the federal government. The EFCC continues to pursue cases against individuals and entities suspected of engaging in financial crimes, emphasizing its role in combating economic fraud and ensuring accountability among public officials and private citizens alike.