The Court of Appeal in Port Harcourt has set aside an ex parte interim order that froze multiple bank accounts linked to prominent businesswoman Aisha Achimugu and her corporate entities.
A three-member panel of the appellate court ruled that allowing a blanket interim freezing order to remain active for over fifteen months constitutes an abuse of court process and contradicts the core principles of the rule of law.
While the appellate court dismissed portions of the appeal brought by the Economic and Financial Crimes Commission (EFCC) regarding procedural timelines, it upheld the anti-graft agency’s position on a disputed N1.8 billion transfer, ruling that the specific account involved was omitted from the original April 2025 freezing order.
The latest ruling offers temporary legal relief to the founder of Oceangate Engineering Oil & Gas Ltd, even as separate legal proceedings regarding asset forfeiture continue across federal courts.
Alleged Money Laundering: Court orders forfeiture of Achimugu’s N8.9bn assets
This video provides additional context on the broader legal battles and asset forfeiture cases involving Aisha Achimugu and anti-corruption agencies.
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