The Economic and Financial Crimes Commission (EFCC) has appealed the judgment of the Federal High Court, Abuja, dismissing its application for the final forfeiture of funds and properties linked to the former Managing Director of Warri Refinery, Jimoh Olasunkanmi Yisawu.
The commission, through its lead counsel, Ekele Iheanacho, SAN, filed a notice of appeal on November 10, 2026, challenging the November 9 judgment delivered by Justice J.K. Omotosho.
In its appeal, the EFCC challenged the entire decision, alleging that the trial judge erred in law by failing to properly evaluate the financial evidence presented by the commission concerning the source of funds used to acquire and develop the properties.
The anti-graft agency maintained that the case centred on how a public officer with documented lawful earnings could have handed out more than $900,000 in cash to foreign exchange dealers without providing a credible explanation of its source.
Evidence presented before the lower court indicated that between 2021 and 2025, Yisawu allegedly gave a total of $912,550, equivalent to more than N1.5 billion, in cash to foreign exchange dealers, Samaila Bala and Rasheed Yusuf, for conversion into naira.
The EFCC argued that Yisawu failed to demonstrate how he converted his legitimate earnings into the foreign currency allegedly paid to the dealers.
According to the commission, the former refinery chief declared that his cash holdings in the bank and at hand as of September 17, 2020, stood at N647,205.36 and $12,779.26, respectively.
It further stated that his total salaries and allowances between October 2020 and September 2023 amounted to N114,548,024.48, an amount it described as significantly lower than the dollar funds allegedly transferred to the dealers.
The commission also alleged that the foreign exchange dealers indirectly paid N282.542 million towards the development of the two properties being contested in the forfeiture proceedings.
Additionally, the EFCC claimed that Bala paid N65.86 million in three instalments to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills.
It argued that the trial judge failed to adequately examine these financial transactions and establish whether the funds used for the properties and investments were consistent with Yisawu’s declared legitimate earnings.
The commission is also challenging the court’s assessment of the evidence relating to the financial outflows from the respondent’s bank accounts, insisting that the transactions were not sufficiently linked to any established lawful source of income.
Yisawu is reportedly facing a separate criminal trial before another court.
In its appeal, the EFCC is asking the Court of Appeal to allow the appeal, set aside the Federal High Court’s judgment and grant its application for the final forfeiture of the disputed funds and properties to the Federal Government.
The outcome of the appeal will determine whether the contested assets will be forfeited to the Federal Government or remain with the respondent.
