The Court of Appeal sitting in Port Harcourt, Rivers State, has set aside an order that froze 124 bank accounts allegedly connected to businesswoman Aisha Achimugu and several companies associated with her.
In a unanimous ruling delivered on Wednesday, a three-member panel of the appellate court discharged the interim ex parte freezing order earlier issued by the Federal High Court in Port Harcourt on April 10, 2025.
The decision effectively restores access to the affected accounts.The accounts in question belong to Achimugu, founder of Oceangate Engineering Oil & Gas Limited, as well as to various corporate entities linked to her business interests. The initial freeze was granted at the lower court following an application made without notice to the respondents.
The appellate court’s verdict followed a review of the grounds on which the interim order was made. After considering submissions from both sides, the panel held that the ex parte order could not stand and accordingly dismissed it.
With the ruling, the restrictions placed on the 124 accounts have been lifted. The matter is expected to proceed according to due process as parties pursue further steps in the case.
