EFCC Appeals Ruling Lifting Forfeiture Order on $912,550 Asset Case
The anti-graft agency challenges a court decision regarding funds linked to an ex-refinery boss.
1Legal Challenge Initiated
The Economic and Financial Crimes Commission has officially appealed a Federal High Court ruling. Judge James Omotosho previously dismissed the commission's request for the final forfeiture of $912,550 linked to Jimoh Olasunkanmi Yisawu. The agency now seeks to overturn this decision at the Court of Appeal in Abuja, citing significant errors in judicial evaluation.
2Disputed Financial Evidence
The EFCC argues that Yisawu, a former managing director of Warri Refining and Petrochemical Company, failed to justify his cash transactions. Between 2021 and 2025, he allegedly provided over $912,550 to bureau de change operators for conversion. The commission contends this amount vastly exceeds his documented salary and allowances earned during his tenure.
3Income Discrepancy Claims
Records indicate Yisawu’s total salaries from October 2020 to September 2023 amounted to approximately N114.5 million. The EFCC highlights that this income is insufficient to support the large cash outflows observed. The agency asserts that the respondent provided no clear explanation regarding how he converted legitimate earnings into the foreign currency amounts involved.
4Property Development Allegations
Beyond the cash, the EFCC alleges that foreign exchange dealers indirectly funded N282.5 million for the development of two properties. Additionally, N65.8 million was reportedly paid toward treasury bills. The commission maintains these transactions lack a verifiable link to Yisawu’s lawful earnings, suggesting the funds were proceeds of illicit financial activities.
5Refinery Project Context
Yisawu served at the Nigerian National Petroleum Corporation for 32 years, leading the Warri refinery from 2022 to 2023. The EFCC investigation stems from a 2022 project where $56 million was earmarked for refinery repairs. He allegedly oversaw this project and awarded contracts to over 20 local firms during his leadership period.
6Parallel Criminal Proceedings
This forfeiture appeal is distinct from the ongoing criminal trial against Yisawu. In July, he was arraigned on eight counts of money laundering involving N1.339 billion before Judge Inyang Ekwo. He pleaded not guilty to these charges and was granted bail set at N500 million while the legal proceedings continue to unfold.
7Defense Arguments Presented
During the initial forfeiture hearing, Yisawu defended his assets by claiming they were acquired between 2015 and 2020. He stated these acquisitions predated his appointment as managing director of the refinery. He attributed his financial standing to his long-term career earnings spanning over three decades and various personal loans obtained during that time.
8Implications for Oversight
The appellate process will determine if the lower court failed to properly weigh evidence regarding unexplained wealth. This case highlights the challenges Nigerian authorities face in tracking illicit financial flows within the energy sector. The outcome will set a precedent for how the judiciary evaluates income documentation in future high-profile corruption cases.