EFCC appeals ruling nullifying forfeiture order on $912,550 linked to ex-Warri refinery MD – The Witness Nigeria

The Economic and Financial Crimes Commission (EFCC) has asked the Court of Appeal in Abuja to nullify a Federal High Court ruling that rejected its request to permanently seize $912,550 and other assets linked to Jimoh Olasunkanmi Yisawu, a former managing director of the Warri Refining and Petrochemical Company.

The appeal follows a ruling delivered on Monday by Justice James Omotosho, who held that the commission failed to establish that the funds were proceeds of criminal activity.

In his judgement, the judge discharged the interim forfeiture order previously placed on the money and rejected the EFCC’s application for its permanent forfeiture to the Federal Government.

Rejecting the ruling, the commission filed a notice of appeal at the Court of Appeal in Abuja on Tuesday, November 10, through its lead counsel, Ekele Iheanacho, a Senior Advocate of Nigeria (SAN).

The EFCC disclosed the development in a statement issued on Wednesday by its spokesperson, Dele Oyewale.

In its appeal, the commission accused the trial judge of failing to properly examine and evaluate the financial evidence presented during the forfeiture proceedings.

It argued that the court did not give adequate consideration to the transactions and financial records it relied on to establish that the disputed funds and assets were linked to unexplained wealth.

“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.

According to the commission, its investigation showed that Yisawu handed a total of $912,550 in cash to two bureau de change operators, Samaila Bala and Rasheed Yusuf, between 2021 and 2025.

The EFCC alleged that the dealers converted the foreign currency into naira, with the resulting payments exceeding ₦1.5 billion.

The commission maintained that Yisawu failed to demonstrate how he legitimately obtained or converted his earnings into the dollars allegedly 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.

The agency also faulted the trial judge’s handling of financial transactions involving the former refinery executive, arguing that the court did not adequately examine the movement of money through his bank accounts.

It said the 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”.

To support its position, the commission drew attention to Yisawu’s declared financial position as of September 17, 2020.

According to the EFCC, he reported having ₦647,205.36 and $12,779.26 in cash and bank deposits at the time.

The commission further stated that his total salaries and allowances between October 2020 and September 2023 amounted to ₦114,548,024.48.

It described those earnings as substantially lower than the $912,550 he allegedly transferred to the foreign exchange dealers, insisting that he had not satisfactorily accounted for the source of the dollars.

The EFCC also questioned payments allegedly made by the dealers in connection with two properties under investigation.

It claimed that the operators indirectly paid ₦282,542,000 towards the development of the properties.

In another transaction cited in its appeal, the commission alleged that Bala paid ₦65,860,000 in three instalments to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills.

The agency maintained that the payments were not connected to Yisawu’s legitimate earnings and argued that the trial court failed to properly assess the evidence surrounding the transactions.