Arise TV journalist Rufai Oseni became emotional during a live television programme as he spoke about Nigeria’s economic challenges, drawing comparisons between the country’s financial strength in the 1970s and its current economic realities.
During the broadcast, Oseni referred to recent court-ordered asset forfeitures involving former Attorney General of the Federation, Abubakar Malami, and businesswoman Aisha Achimugu, questioning the direction the country has taken over the years.
Expressing his concern, he said Nigeria was once economically stronger and recalled that on December 23, 1974, the country entered into a long-term agreement with the World Bank while contributing about $240 million to its reserves. According to him, Nigeria was in a position to lend money at the time, unlike today when it relies heavily on external borrowing.
He attributed much of the country’s economic decline to years of corruption and poor management of public resources, arguing that the nation’s wealth had been misused over time.
His emotional comments quickly generated widespread reactions on social media, with Nigerians expressing mixed opinions on his assessment of the country’s economic journey.
Meanwhile, the Federal High Court in Abuja ordered the final forfeiture of 48 properties linked to former Attorney General and Minister of Justice, Abubakar Malami.
Justice Joyce Abdulmalik granted the order after considering an application filed by the Economic and Financial Crimes Commission (EFCC). The court ruled that Malami and other claimants failed to provide sufficient evidence that the properties were acquired through legitimate means, concluding that they were reasonably suspected to be proceeds of unlawful activities.
The forfeited assets, estimated to be worth about ₦180.4 billion, are located across Abuja, Kano, Kaduna, and Birnin Kebbi. They include Rayhaan University, Rayhaan Radio, Meethaq Hotels in Maitama and Jabi, Zeennoor Hotel, Azbir Arena, the Rayhaan Agro-Allied Factory, luxury duplexes, commercial plazas, filling stations, and warehouses.
The EFCC had earlier secured an interim forfeiture order covering 57 properties in January 2026, but the court later returned nine of them after ruling that there was insufficient evidence linking them to illegal activities.
In a separate case, the FCT High Court in Abuja on July 16, 2026, ordered the permanent forfeiture of nearly ₦9 billion worth of luxury assets belonging to businesswoman Aisha Achimugu. The assets included expensive jewellery and luxury vehicles seized from her residence.
The court found that the assets were proceeds of unlawful activities connected to 136 bank accounts that allegedly bypassed tax declarations. It also noted that Achimugu failed to disclose the assets during investigations by the EFCC.
The ruling follows previous court-ordered forfeitures of $13 million in March 2026 and $7 million in September 2025. Achimugu, who gained public attention for her lavish 2024 birthday celebration, was arrested in 2025 over allegations of money laundering.
