The Economic and Financial Crimes Commission, EFCC, has appealed a Federal High Court judgment dismissing its bid to permanently forfeit $912,550 linked to Jimoh Olasunkanmi Yisawu, a former managing director of the Warri Refining and Petrochemical Company.
The commission is challenging the ruling delivered by Justice James Omotosho, who held that the EFCC failed to establish that the funds were proceeds of unlawful activities.
The judge also lifted the interim forfeiture order placed on the money and dismissed the commission’s application for final forfeiture.
In a statement issued by its spokesperson, Dele Oyewale, the EFCC said it filed a notice of appeal at the Court of Appeal in Abuja on Tuesday through its lead counsel, Ekele Iheanacho, a Senior Advocate of Nigeria.
In the notice of appeal, the commission argued that Justice Omotosho erred in law by failing to properly evaluate the evidence presented before the court.
The EFCC’s lawyer questioned how a public officer with documented lawful earnings could give out more than $900,000 in cash.
“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 commission maintained that evidence before the court showed that Mr Yisawu paid $912,550 in cash to bureau de change operators, Samaila Bala and Rasheed Yusuf, between 2021 and 2025 for conversion into naira.
It said the transactions amounted to more than N1.5 billion and argued that Mr Yisawu failed to demonstrate 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.
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The commission further faulted the trial judge for allegedly failing to analyse financial transactions from Mr Yisawu’s bank accounts before concluding that the funds used to develop the properties were from his legitimate earnings.
According to the EFCC, Mr Yisawu declared that his cash holdings and bank balance as of 17 September 2020 stood at N647,205.36 and $12,779.26, respectively.
It added that his total salaries and allowances between October 2020 and September 2023 amounted to N114,548,024.48, describing the figure as significantly lower than the dollar payments allegedly made to the currency dealers.
The EFCC also alleged that the dealers indirectly paid N282,542,000 towards the development of the two properties targeted in the forfeiture proceedings.
It further claimed that Mr Bala paid N65,860,000 in three instalments to Cordros Securities Limited on 21 February 2024 for treasury bills.
The commission argued that neither transaction was linked to Mr Yisawu’s lawful earnings and accused the trial judge of failing to adequately evaluate the financial evidence before reaching his decision.
The EFCC is asking the Court of Appeal to set aside the lower court’s judgment and order the final forfeiture of the funds and properties to the Federal Government.
Mr Yisawu joined the Nigerian National Petroleum Corporation in August 1991 and worked there for 32 years before retiring in 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 and accused Mr Yisawu of overseeing the project and awarding contracts to more than 20 local contractors. It also linked him to the alleged payment of $912,550 to two foreign exchange dealers between 2021 and 2025.
In July, the EFCC arraigned Mr Yisawu on eight counts of money laundering involving N1.339 billion before Justice Inyang Ekwo of the Federal High Court in Abuja. He pleaded not guilty, and the court granted him bail of N500 million.
In the forfeiture case, the EFCC sought the permanent seizure of two properties and funds allegedly linked to unlawful activities. However, Mr Yisawu told the court that he acquired the properties between 2015 and 2020, before his appointment as managing director. He attributed the acquisitions to his earnings from 32 years of service and loans.
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