EFCC appeals judgement lifting forfeiture order on $912,550 linked to ex-Warri refinery MD

The Economic and Financial Crimes Commission (EFCC) has appealed a Federal High Court judgement which threw out its assets forfeiture case against $912,550 linked to Jimoh Olasunkanmi Yisawu, a former managing director of the Warri Refining and Petrochemical Company.

The appeal came after Monday’s ruling delivered by Judge James Omotosho, holding that the EFCC failed to prove that the assets were proceeds of crime as alleged.

Mr Omotosho, in his verdict on Monday, lifted the interim forfeiture order earlier placed on the funds, and dismissed the the commission’s request for final forfeiture.

The commission said in a statement by its spokesperson Dele Oyewale on Wednesday that it filed a notice of appeal at the Court of Appeal in Abuja on Tuesday through its lead lawyer, Ekele Iheanacho, a Senior Advocate of Nigeria (SAN).

In the notice of appeal, the EFCC argued that Judge Omotosho erred in law by refusi3teng to evaluate evidence presented by the commission. Its lawyer also argued that the trial judge failed to properly weigh the evidence before him.

“The case rests on a simple question: how does a public officer whose lawful income is documented give out over $900,000 in cash?” Mr Iheanacho said.

The EFCC said evidence before the court showed that Mr Yisawu gave $912,550 cash to bureau de change operators – Samaila Bala and Rasheed Yusuf – between 2021 and 2025, for conversion to naira. The commission said the naira equivalent was over N1.5 billion.

The commission argued that Mr Yisawu failed to show how he converted his legitimate earnings into the foreign currency paid to the dealers.

“The respondent did not show how he converted his legitimate earnings into foreign currency which he paid to Samaila Bala and Rasheed Yusuf,” the EFCC stated.

It added that the trial judge failed to “analyse all these financial outflows from the Respondent’s bank accounts in arriving at the conclusion that the funds used to develop the properties were from the Respondent’s lawful earning”.

The EFCC said Mr Yisawu declared that his cash at hand and in the bank as of 17 September 2020 stood at N647,205.36 and $12,779.26. His total salaries and allowances from October 2020 to September 2023 amounted to N114,548,024.48.

The commission described this amount as “far less” than the dollars he handed to the dealers. It argued that he never explained how he converted his legitimate earnings into foreign currency.

The EFCC also alleged that the dealers indirectly paid N282,542,000 for the development of the two properties it sought to forfeit. It further said Mr Bala paid N65,860,000 in three instalments to Cordros Securities Limited on 21 February 2024 for treasury bills.

According to the commission, neither payment was linked to Mr Yisawu’s lawful earnings. It maintained that the trial judge failed to evaluate the evidence it presented about his income.

The EFCC asked the Court of Appeal to allow the appeal, set aside the lower court’s decision and grant final forfeiture of the funds and properties to the federal government.

Background

Mr Yisawu joined the Nigerian National Petroleum Corporation (NNPC) in August 1991 and worked there for 32 years, until September 2023. He served as managing director of the Warri Refining and Petrochemical Company from November 2022 to September 2023.

The EFCC began investigating him in 2024 over alleged financial crimes involving officials of the Nigerian National Petroleum Company Limited. The commission alleged that $56 million was earmarked in 2022 for the quick repair of the Warri Refinery.

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It accused Mr Yisawu of overseeing the project and awarding contracts to more than 20 local contractors. It also alleged that he paid $912,550 to two foreign exchange dealers between 2021 and 2025.

In July, the EFCC arraigned Mr Yisawu on an eight charges of money laundering involving N1.339 billion before Federal High Court Judge Inyang Ekwo in Abuja. He pleaded not guilty, and the judge granted him bail of N500 million. The criminal trial is separate from the forfeiture proceedings.

In the forfeiture case, the EFCC sought the permanent seizure of two properties and funds linked to Mr Yisawu, alleging that they were proceeds of unlawful activities. But Mr Yisawu told the court that he acquired the properties between 2015 and 2020, before his appointment as managing director.

He attributed the purchases to his earnings from 32 years of service and loans.