EFCC challenges court ruling on $912,550 linked to former Warri refinery boss

The Economic and Financial Crimes Commission (EFCC) has taken its appeal to the Federal High Court after the court dismissed its case for the forfeiture of $912,550 linked to Jimoh Olasunkanmi Yisawu. Yisawu is a former managing director of the Warri Refining and Petrochemical Company.

This appeal follows a ruling by Judge James Omotosho on Monday. The judge stated that the EFCC did not prove that the funds were from illegal activities as claimed.

In his ruling, Judge Omotosho lifted the interim forfeiture order on the money. He also turned down the EFCC’s request for final forfeiture of the funds.

On Wednesday, the EFCC released a statement through its spokesperson Dele Oyewale. The statement said they filed a notice of appeal at the Court of Appeal in Abuja on Tuesday. Ekele Iheanacho, a Senior Advocate of Nigeria (SAN), is the lead lawyer for the EFCC.

In the notice of appeal, the EFCC argued that Judge Omotosho made a mistake by not considering the evidence presented by the commission. The lawyer claimed that the trial judge did not properly assess the evidence.

“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 stated that evidence showed Mr Yisawu handed over $912,550 in cash to bureau de change operators, Samaila Bala and Rasheed Yusuf, from 2021 to 2025. This money was to be changed into naira. The naira equivalent was over N1.5 billion.

The commission added that Mr Yisawu could not explain how he changed his 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 noted.

The EFCC also said the trial judge did not analyze the financial transactions from Mr Yisawu’s bank accounts before concluding that the money used for property development came from his lawful earnings.

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

The commission called this amount “far less” than the dollars he gave to the dealers. It argued that he never explained how he changed his legal earnings into foreign currency.

The EFCC also claimed that the dealers used N282,542,000 for developing two properties linked to Mr Yisawu. They further stated that Mr Bala paid N65,860,000 in three installments to Cordros Securities Limited on 21 February 2024 for treasury bills.

According to the EFCC, these payments had no connection to Mr Yisawu’s lawful earnings. It insisted that the trial judge did not evaluate the evidence regarding his income.

The EFCC has asked the Court of Appeal to accept the appeal, cancel the lower court’s decision, and approve the 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 was the managing director of the Warri Refining and Petrochemical Company from November 2022 to September 2023.

The EFCC started investigating him in 2024 for alleged financial crimes involving officials of the Nigerian National Petroleum Company Limited. The commission claimed that $56 million was set aside in 2022 for quick repairs to the Warri Refinery.

It accused Mr Yisawu of managing the project and handing out contracts to over 20 local contractors. The commission alleged that he paid $912,550 to two foreign exchange dealers between 2021 and 2025.

In July, the EFCC charged Mr Yisawu with eight counts 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 case.

In the forfeiture case, the EFCC wanted to permanently seize two properties and funds linked to Mr Yisawu, claiming they were from illegal activities. But Mr Yisawu told the court that he bought the properties between 2015 and 2020, before he became managing director.

He said he bought them with his earnings from 32 years of work and loans.