Appeal Court Lifts Freeze on Aisha Achimugu's Accounts

The Court of Appeal sitting in Port Harcourt, Rivers State, vacated an interim order that had frozen 124 bank accounts belonging to businesswoman Aisha Achimugu and her companies. The ruling, delivered by a three-member panel comprising Justices Muhammad Ibrahim Sirajo, Ishaq Mohammed Sani, and Eleojo Enenche, stated that allowing the ex parte order to remain in effect for over 15 months was an abuse of court process.

The interim freezing order was initially granted by the Federal High Court in Port Harcourt on April 10, 2025, following an application by the Economic and Financial Crimes Commission (EFCC). Achimugu, the founder of Oceangate Engineering Oil & Gas Ltd, contested the order, asserting it was an abuse of court process.

The appellate court found that the transfer of N1.8 billion from one of the frozen accounts to the Central Bank of Nigeria was unlawful but noted that the account was not included in the freezing order. The EFCC's appeal was dismissed on grounds of jurisdiction and fair hearing.