EFCC appeals ruling on ex-refinery MD’s $912,550
The Economic and Financial Crimes Commission (EFCC) has appealed the Federal High Court judgment dismissing its bid to secure the final forfeiture of $912,550 and properties allegedly 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, Abuja, on November 10, 2026, challenging the November 9 judgment delivered by Justice J.K. Omotosho.
*EFCC
Abimbola Joseph
The Economic and Financial Crimes Commission (EFCC) has appealed the Federal High Court judgment dismissing its bid to secure the final forfeiture of $912,550 and properties allegedly 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, Abuja, on November 10, 2026, challenging the November 9 judgment delivered by Justice J.K. Omotosho.
In the appeal, filed through its lead counsel, Ekele Iheanacho, SAN, the EFCC accused the trial judge of failing to properly evaluate the financial evidence presented before the court.
The commission is challenging the entire decision, arguing that the judge overlooked evidence showing that Yisawu allegedly transferred $912,550 to two foreign exchange dealers, Samaila Bala and Rasheed Olaitan Yusuf, between 2021 and 2025 for conversion into naira.
The EFCC’s Head, Media and Publicity, Dele Oyewale, said the commission was determined to challenge the ruling, insisting that the evidence presented raised serious questions about the former refinery chief’s source of wealth.
According to the commission, the $912,550, equivalent to more than ₦1.5bn at the relevant exchange rates, was handed over in cash to the dealers.
In its grounds of appeal, the EFCC argued that Yisawu failed to demonstrate how he converted his legitimate earnings into the foreign currency subsequently paid to the dealers.
It also faulted the trial judge for allegedly failing to examine financial transactions and withdrawals from Yisawu’s bank accounts before concluding that the funds used to develop the properties were derived from legitimate sources.
The commission cited Yisawu’s own financial declaration, which showed that as of September 17, 2020, he had ₦647,205.36 and $12,779.26 in cash and bank deposits.
It further stated that his total salaries and allowances between October 2020 and September 2023 amounted to ₦114,548,024.48, an amount it described as substantially lower than the value of the foreign currency he allegedly handed to the dealers.
The EFCC maintained that Yisawu failed to explain how he converted his declared legitimate earnings into the $912,550 used in the transactions.
The commission also alleged that the two foreign exchange dealers indirectly paid ₦282,542,000 towards the development of the two properties targeted for forfeiture.
Additionally, it claimed that Bala paid ₦65,860,000 in three instalments to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills.
The EFCC argued that the financial transactions were not sufficiently linked to Yisawu’s declared lawful income and accused the trial court of failing to properly assess the evidence establishing the alleged discrepancies.
Yisawu is also facing a separate criminal trial in another court.
In its appeal, the commission urged the Court of Appeal to allow the appeal, overturn the Federal High Court’s decision and grant its application for the final forfeiture of the disputed funds and properties to the Federal Government.
