The Economic and Financial Crimes Commission (EFCC) has appealed the Federal High Court’s refusal to grant final forfeiture of funds and properties allegedly linked to Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refinery, insisting that he failed to establish the lawful source of more than $900,000 allegedly used in the transactions.
The commission filed a notice of appeal at the Court of Appeal, Abuja, on November 10, 2026, challenging the November 9 judgment of the Federal High Court, Abuja, presided over by Justice J.K. Omotosho.
In the appeal, filed through its lead counsel, Ekele Iheanacho (SAN), the EFCC argued that the trial judge erred in law by failing to properly evaluate the commission’s financial evidence before reaching his decision.
The commission is challenging the entire judgment and urging the appellate court to set it aside.
At the centre of the dispute is the EFCC’s allegation that Yisawu handed over $912,550, equivalent to more than ₦1.5 billion, in cash to foreign exchange dealers, Samaila Bala and Rasheed Olaitan Yusuf, between 2021 and 2025 for conversion into naira.
The commission argued that Yisawu failed to demonstrate how he converted his legitimate earnings into the foreign currency allegedly paid to the dealers.
According to the EFCC, Yisawu declared that as of September 17, 2020, his cash at hand and bank balances stood at ₦647,205.36 and $12,779.26, respectively.
It further stated that his total salaries and allowances between October 2020 and September 2023 amounted to ₦114,548,024.48, which it maintained was far below the value of the dollars he allegedly handed to the dealers.
The commission faulted the trial judge for failing to analyse the financial outflows from Yisawu’s bank accounts and establish whether the funds used in developing the properties originated from his documented lawful earnings.
The EFCC also alleged that the foreign exchange dealers indirectly paid ₦282.542 million towards the development of the two properties being sought for forfeiture.
Additionally, it claimed that Bala paid ₦65.86 million in three instalments to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills, arguing that the investment was not linked to Yisawu’s lawful earnings.
In its appeal, the commission maintained that the respondent failed to provide a credible explanation for the source of the funds used in the transactions and faulted the lower court for not adequately considering the evidence presented.
Yisawu is also facing a separate criminal trial before another court over allegations connected to the matter.
The EFCC is asking the Court of Appeal to allow its appeal, overturn the Federal High Court’s decision and grant the final forfeiture of the disputed funds and properties to the Federal Government.
