The Economic and Financial Crimes Commission (EFCC) has appealed against a Federal High Court judgment rejecting its application for the final forfeiture of funds and properties linked to Jimoh Olasunkanmi Yisawu, a former Managing Director of the Warri Refinery.
The commission filed a notice of appeal at the Court of Appeal in Abuja on November 10, 2026, challenging the November 9 judgment delivered by Justice J.K. Omotosho of the Federal High Court.
In the appeal, filed through its lead counsel, Ekele Iheanacho, SAN, the EFCC argued that the trial judge made an error in law by failing to properly evaluate the evidence presented by the commission. It is challenging the entire decision of the lower court.
The commission’s case centres on $912,550 in cash, which it alleges Yisawu handed to two foreign exchange dealers, Samaila Bala and Rasheed Olaitan Yusuf, between 2021 and 2025 for conversion into naira.
The amount is equivalent to more than ₦1.5bn, according to the EFCC.
In its appeal, the commission questioned how a public officer whose lawful earnings were documented could have accumulated and transferred such a substantial amount in cash without providing evidence of how he acquired the foreign currency.
The EFCC argued that Yisawu failed to demonstrate how he converted his legitimate earnings into foreign currency before handing the money to the dealers.
It also accused the trial judge of failing to analyse financial transactions and withdrawals from Yisawu’s bank accounts before concluding that the funds used to develop the properties came from his lawful earnings.
According to the commission, Yisawu declared that his cash holdings and bank balances as of September 17, 2020, stood at ₦647,205.36 and $12,779.26 respectively.
His total salaries and allowances between October 2020 and September 2023 amounted to ₦114,548,024.48.
The EFCC maintained that these declared earnings were considerably lower than the $912,550 he allegedly transferred to the foreign exchange dealers. It argued that he failed to explain how he legitimately obtained the foreign currency.
The commission further alleged that the two dealers indirectly paid ₦282,542,000 towards the development of the two properties being considered for forfeiture.
It also stated that Bala made three payments totalling ₦65,860,000 to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills.
The EFCC argued that these transactions were not linked to any established lawful source of income belonging to Yisawu.
It maintained that the trial judge failed to properly assess the evidence relating to his earnings and the financial transactions connected to the properties and investments.
Yisawu is also facing trial in a separate criminal case before another court.
The commission is asking the Court of Appeal to allow its appeal, overturn the Federal High Court’s judgment and grant an order for the final forfeiture of the disputed funds and properties to the Federal Government.
