Court Orders Forfeiture Of N11.2Billion Linked To Businesswoman Aisha Achimugu

A Federal High Court in Abuja has ordered the final forfeiture of ₦11.2 billion (about $7 million) linked to Aisha Achimugu, a prominent businesswoman and alleged ally of Lagos State Governor Babajide Sanwo-Olu.

The funds were discovered in raw cash, deposited directly into the vaults of a Bank in Victoria Island, Lagos, on March 26 and 27, 2025..
The funds were not deposited into any customer account.
This highly unusual transaction was flagged by an internal whistleblower working with the Economic and Financial Crimes Commission (EFCC).

EFCC operatives raided the bank and interrogated staff, who claimed the money belonged to Aisha Achimugu, CEO of Ocean Gate Petroleum.

She denied ownership of the funds, claiming instead that she had taken a $7 million loan from the bank which she hadn’t repaid.
The EFCC published a public notice inviting anyone with legitimate ownership to come forward but no one did.

Justice Emeka Nwite granted the final forfeiture order on September 16, 2025, transferring the funds to the Federal Government Account.