The Economic and Financial Crimes Commission has filed a notice of appeal at the Court of Appeal in Abuja against a judgement of the Federal High Court which refused its application for the final forfeiture of funds and properties linked to Jimoh Olasunkanmi Yisawu, the former managing director of the Warri Refinery.
The appeal was lodged on 10 November 2026 through the Commission’s lead counsel, Ekele Iheanacho SAN. It challenges the entire decision delivered on 9 November 2026 by Justice J K Omotosho. The EFCC contends that the trial judge erred in law by failing to evaluate the evidence it presented.
Iheanacho stated that the case rests on a simple question: how does a public officer whose lawful income is documented give out over 900000 dollars in cash?
Evidence placed before the court showed that between 2021 and 2025 Yisawu gave a total of 912550 dollars, equivalent to more than 1.5 billion naira, in cash to foreign exchange dealers Samaila Bala and Rasheed Yusuf for conversion to naira.
The Commission emphasised that Yisawu did not show how he converted his legitimate earnings into the foreign currency which he paid to the dealers. It argued that the trial judge failed to analyse all the financial outflows from the respondent’s bank accounts when concluding that the funds used to develop the properties came from lawful earnings.
According to Yisawu’s own declaration, his cash at hand and in the bank as of 17 September 2020 stood at 647205.36 naira and 12779.26 dollars. His total salaries and allowances from October 2020 to September 2023 amounted to 114548024.48 naira. The EFCC maintains that this is far less than the dollars he handed over and that he never demonstrated how he turned legitimate earnings into foreign currency.
The Commission further stated that the dealers indirectly paid 282542000 naira for the development of the two properties sought to be forfeited. In addition, Bala paid 65860000 naira in three tranches to Cordros Securities Limited on 21 February 2024 for treasury bills. The EFCC says none of these transactions was linked to Yisawu’s lawful earnings and that the trial judge refused to evaluate the evidence it adduced concerning his income.
Yisawu is also standing trial in a separate criminal case in another court. The Federal High Court held that he justified the source of funds for the properties and treasury bills, although the EFCC maintains that no credible explanation of their lawful origin was provided.
The Commission is asking the Court of Appeal to allow the appeal, set aside the lower court’s decision, and grant final forfeiture of the funds and properties to the Federal Government.
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