Court Orders Sanwo-Olu Lover Aisha Achimugu to Forfeit N4.6bn Jewellery, 11 Exotic Cars, $50,000 to FG

A Federal Capital Territory High Court sitting in Apo, Abuja, has ordered the final forfeiture of assets worth over N8.9 billion linked to businesswoman Aisha Achimugu, who has been described in court filings as a paramour of Lagos State Governor Babajide Sanwo-Olu.

Justice Jude Onwugbuzie granted the final forfeiture order on Thursday, July 16, 2026, following an application by the Economic and Financial Crimes Commission (EFCC). The forfeited assets include jewellery valued at N4,645,170,294.90, 11 exotic vehicles worth N4.293 billion, $50,000 in cash and N30 million.

The ruling marks the latest in a series of legal setbacks for Achimugu. In March 2026, the Federal High Court in Abuja ordered the final forfeiture of $13 million linked to her company, Oceangate Engineering Oil & Gas Ltd, after the court found the funds to be proceeds of unlawful activities.

According to the EFCC, the case arose from an extensive financial investigation launched after the commission received intelligence indicating massive inflows and outflows through more than 136 bank accounts allegedly linked to Achimugu. Investigators discovered transactions involving billions of naira and millions of dollars passing through accounts and companies associated with the businesswoman.

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The EFCC further alleged that substantial funds that moved through companies linked to Achimugu were not declared as revenue in financial statements submitted to the Federal Inland Revenue Service. Investigators executed search warrants at her residence, where they recovered the jewellery, luxury vehicles and cash that later became the subject of the forfeiture proceedings. During interrogation, Achimugu completed an assets declaration form but failed to disclose the recovered items as part of her assets.

The EFCC told the court that investigations revealed the company participated in the acquisition of oil blocks PPL 302 and PPL 3007, involving financial commitments exceeding $37 million. Part of the payments, including the disputed $13 million, was sourced through unlicensed Bureau de Change operators and cash collections conducted outside the formal banking system. The commission also alleged that some of the funds originated from payments made by contractors linked to the Lagos State Government despite the absence of any established contractual relationship between the contractors and Oceangate.

Following the interim forfeiture order granted on April 23, 2026, the EFCC published notices in national dailies inviting any interested parties to appear before the court and show cause why the assets should not be permanently forfeited. Achimugu, through her legal team, filed affidavits to show cause and a motion to set aside the interim order, but the court found that she did not dislodge the evidence led by the EFCC and failed to discharge the burden of showing that the assets were from lawful origins.

The relationship between Achimugu and Governor Sanwo-Olu has been a subject of public scrutiny. In April 2025, the EFCC arrested Achimugu at Abuja airport over money laundering allegations. She was later declared wanted by the commission. Reports also emerged that Achimugu allegedly delivered cash to opposition figures after the 2023 elections. With Thursday’s ruling by the FCT High Court, the jewellery, vehicles and cash linked to Achimugu have now been permanently forfeited to the Federal Government.

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