Court Sets March 25 to Decide EFCC’s $13m Forfeiture Case Against Aisha Achimugu
The Federal High Court in Abuja has reached a pivotal junction in the legal battle involving a massive sum of money linked to the CEO of Oceangate, as the Aisha Achimugu forfeiture case moves toward a final resolution. Justice Inyang Ekwo officially fixed March 25, 2026, as the date to deliver a ruling on the application filed by the Economic and Financial Crimes Commission (EFCC), which seeks the final forfeiture of $13 million.
The anti-graft agency claims that the funds are the proceeds of unlawful activities, while the business mogul and her legal team have maintained a firm stance against the seizure, asserting the legitimacy of the money.
The proceedings on Tuesday were characterized by intense legal arguments as both the prosecution and the defense adopted their final written addresses. Counsel for the EFCC, Ekele Iheanacho, urged the court to grant the final forfeiture order, arguing that the funds were traced to a suspicious account and that the respondent had failed to provide sufficient proof of their origin.
According to the commission, the money was part of a larger scheme that necessitated an interim forfeiture order earlier in the litigation process. The EFCC insists that the move is part of its broader mandate to recover diverted public funds and assets linked to illicit financial flows.
In a spirited defense, Aisha Achimugu, through her counsel, Chief Mike Ozekhome (SAN), asked the court to dismiss the EFCC’s motion and set aside the earlier interim forfeiture order. The defense argues that the $13 million belongs to Oceangate Oil and Gas Ltd and that the EFCC has failed to establish any direct link between the funds and a specific crime.
Ozekhome contended that his client is a legitimate businesswoman and that the agency’s actions amount to an infringement on her property rights. He further argued that the commission provided no concrete evidence to suggest that the money was stolen from the government or obtained through fraudulent means.
The Aisha Achimugu forfeiture case has drawn significant public interest, partly due to the high profile nature of the respondent and the substantial amount involved. During the hearing, the court noted that the burden of proof remains a central theme, with the judge needing to determine if the respondent has successfully “showed cause” why the money should not be permanently forfeited to the Federal Government. The defense’s application also includes a request for the court to discharge the interim order, which has kept the funds frozen for several months, hindering the company’s operational liquidity.
As the legal community and the general public look toward the March 25 ruling, the outcome is expected to set a precedent for how the EFCC handles the forfeiture of large foreign currency assets tied to private corporations. Justice Ekwo’s decision will ultimately hinge on whether the prosecution’s evidence outweighs the defense’s claims of legitimate acquisition. Until then, the $13 million remains in the custody of the court, representing one of the most significant asset recovery battles currently active in the Nigerian judicial system.