NEWS XTRA
COURT ORDERS $13M LINKED TO ACHIMUGU FORFEITED TO FG
A Federal High Court has ordered the final forfeiture of $13 million linked to businesswoman Aisha Achimugu to the Federal Government of Nigeria.
The ruling followed an application by the Economic and Financial Crimes Commission, which argued that the funds were suspected proceeds of unlawful activities and should be permanently forfeited to the government.
In his judgment, the trial judge held that the anti-graft agency had presented sufficient evidence establishing that the funds were connected to financial crimes and could not be legitimately traced to lawful earnings.
The court therefore granted the commission’s request for final forfeiture, directing that the recovered funds be transferred to the Federal Government.
The EFCC said the decision forms part of ongoing efforts by authorities to recover illicit funds and strengthen accountability in public and private sector financial dealings.
"This represents a significant development in our ongoing coverage of current events."— Editorial Board