The Economic and Financial Crimes Commission, EFCC, has appealed the judgment of the Federal High Court in Abuja dismissing its application for the final forfeiture of funds and properties linked to a 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 the notice of appeal, the EFCC challenged the entire decision, arguing that the trial judge erred in law by failing to properly evaluate the financial evidence presented by the commission in support of its forfeiture application.
The commission specifically faulted the court for concluding that Yisawu had sufficiently explained the sources of funds used to develop the properties and acquire treasury bills which were subjects of the forfeiture proceedings.
At the centre of the dispute is $912,550, equivalent to more than N1.5 billion, which the EFCC alleged Yisawu handed over in cash to two foreign exchange dealers, Samaila Bala and Rasheed Olaitan Yusuf, between 2021 and 2025 for conversion into naira.
The commission argued that the former refinery boss failed to demonstrate how he legitimately accumulated the foreign currency, given his declared financial position and documented earnings as a public officer.
In its grounds of appeal, the EFCC maintained that Yisawu did not establish how he converted his lawful earnings into the foreign currency allegedly paid to the dealers.
It argued that the trial judge failed to analyse the financial outflows from the respondent’s bank accounts before concluding that the funds used to develop the properties originated from his legitimate earnings.
“The Respondent did not show how he converted his legitimate earnings into foreign currency which he paid to Samaila Bala and Rasheed Olaitan Yusuf,” the commission stated.
The EFCC further argued that the judge failed to properly consider the disparity between Yisawu’s declared assets, earnings and the volume of foreign currency he allegedly transferred to the dealers.
According to the commission, Yisawu declared that his cash holdings in hand and in the bank as of September 17, 2020, stood at N647,205.36 and $12,779.26.
