The Court of Appeal in Port Harcourt has directed the Economic and Financial Crimes Commission (EFCC) to lift the freeze placed on 124 bank accounts belonging to businesswoman and Oceangate Engineering Oil & Gas Ltd founder, Aisha Achimugu, ruling that the interim order had remained in effect longer than the law permits.
In a unanimous judgment delivered by a three-member panel headed by Justice Muhammad Ibrahim Sirajo, the court set aside the ex parte freezing order issued by the Federal High Court in Port Harcourt on April 10, 2025. The appellate court held that allowing the order to remain in force for more than 15 months amounted to an abuse of court process and violated the principles of justice.
However, the court partly ruled in favour of the EFCC by overturning an earlier directive that required the return of N1.8 billion transferred into the commission’s recovery account. The court found that there was no sufficient evidence proving the money originated from any of the bank accounts covered by the freezing order.
Explaining its decision, the appellate court stated that ex parte freezing orders are temporary measures intended to preserve funds only until all parties have the opportunity to present their cases. According to the court, keeping the order in place for over a year without determining the substantive issues defeated the purpose of such legal provisions.
The court noted that extending the restriction for more than 15 months amounted to an improper use of judicial powers.
On the disputed N1.8 billion, Achimugu had argued that the EFCC instructed SunTrust Bank to transfer the funds into a Central Bank of Nigeria recovery account while the freezing order was still in effect, making the transaction unlawful.
Although the appellate court acknowledged that lower courts have the authority to issue consequential orders to protect assets, it ruled that the evidence did not establish that the N1.8 billion came from any of the accounts listed in the original freezing order.
The judgment pointed out that the frozen accounts held balances of about N50.5 million and N16.2 million, while the N1.8 billion was traced to a separate fixed deposit account that was not included in the original court order. Based on this finding, the court nullified the directive ordering the reversal of the funds.
The EFCC had appealed the earlier ruling on three grounds, claiming the lower court lacked jurisdiction because the judgment was delivered during the court’s annual vacation, that it was denied fair hearing, and that the trial court failed to properly assess the available evidence.
The Court of Appeal dismissed the first two arguments, holding that delivering a reserved judgment during the annual vacation does not invalidate court proceedings. It also ruled that both parties had the opportunity to present evidence regarding the disputed transfer.
While the judgment marks a legal victory for Achimugu regarding the frozen bank accounts, the court clarified that it does not affect the ongoing investigations and asset forfeiture cases involving the businesswoman.
Earlier this month, a Federal High Court in the Federal Capital Territory ordered the final forfeiture of assets valued at about N8.97 billion linked to Achimugu. The assets included luxury jewellery, high-end vehicles, cash and other valuables. In a separate ruling earlier this year, another Federal High Court ordered the permanent forfeiture of $13 million connected to Achimugu and Oceangate Engineering Oil & Gas Ltd after the EFCC alleged the funds were proceeds of fraud.
The anti-graft agency had also declared Achimugu wanted over allegations of money laundering and criminal conspiracy after she reportedly failed to honour an invitation for questioning and later left the country.
Although the appellate court has now lifted the freezing order on the 124 bank accounts, the EFCC’s criminal investigations and other legal proceedings against Achimugu remain ongoing.
