The Economic and Financial Crimes Commission (EFCC) has approached the Court of Appeal in Abuja to challenge a Federal High Court ruling that rejected its bid to permanently forfeit $912,550 and properties allegedly linked to Jimoh Olasunkanmi Yisawu, a former Managing Director of the Warri Refinery.
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The anti-graft agency is asking the appellate court to overturn the November 9, 2026 judgment of the Federal High Court, Abuja, which dismissed its application for the final forfeiture of the disputed funds and properties.
Key Highlights
- EFCC has appealed the Federal High Court ruling rejecting the final forfeiture of $912,550 and properties linked to former Warri Refinery MD Jimoh Yisawu.
- The commission alleges that Yisawu handed $912,550 to two foreign exchange dealers between 2021 and 2025.
- EFCC claims the foreign currency transactions were not adequately explained by his documented earnings.
- The commission alleges that the dealers made payments totalling N282.5 million towards the development of two properties.
- The appeal seeks to overturn the ruling and secure final forfeiture of the disputed assets to the Federal Government.
- Yisawu is also facing a separate criminal trial.
In a notice of appeal filed on November 10, 2026, the EFCC challenged the entire decision through its lead counsel, Ekele Iheanacho, SAN. The commission accused the trial judge, Justice J.K. Omotosho, of failing to properly evaluate the financial evidence presented before the court.
The development was disclosed by the EFCC on its official X account on November 11, 2026.
EFCC Questions Source of $912,550
At the centre of the appeal is the EFCC’s allegation that Yisawu handed over $912,550 in cash to two foreign exchange dealers, Samaila Bala and Rasheed Olaitan Yusuf, between 2021 and 2025 for conversion into naira.
The commission valued the transactions at more than N1.5 billion and argued that the former refinery chief’s documented earnings did not adequately explain the source of the funds.
According to the EFCC, Yisawu declared that as of September 17, 2020, he had N647,205.36 and $12,779.26 in cash and bank deposits.
The commission further stated that his total salaries and allowances between October 2020 and September 2023 amounted to N114,548,024.48.
It argued that the amount was significantly lower than the value of the foreign currency transactions under investigation and maintained that Yisawu had not satisfactorily demonstrated how his legitimate earnings were converted into the dollars allegedly handed to the dealers.
Commission Cites N282.5m Property Payments
The EFCC also faulted the trial court for allegedly failing to examine financial outflows from Yisawu’s bank accounts before concluding that funds used to develop the properties originated from lawful earnings.
The commission further alleged that the two foreign exchange dealers indirectly paid N282,542,000 towards the development of the two properties it is seeking to recover.
It also drew attention to a separate transaction involving Samaila Bala, who allegedly paid N65,860,000 in three instalments to Cordros Securities Limited on February 21, 2024, for treasury bills.
According to the EFCC, the transactions were not sufficiently linked to Yisawu’s documented legitimate income.
The commission argued that the former managing director failed to provide a credible explanation of how his lawful earnings were converted into the foreign currency involved in the transactions.
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EFCC Seeks Reversal of Federal High Court Decision
In its appeal, the anti-graft agency is asking the Court of Appeal to set aside the Federal High Court’s November 9 judgment and grant its application for the final forfeiture of the disputed funds and properties to the Federal Government.
Yisawu is also facing trial in a separate criminal proceeding before another court.
The appeal now places the dispute before the appellate court, which will determine whether the Federal High Court properly evaluated the evidence presented by the EFCC before rejecting the final forfeiture application.
The allegations remain subject to judicial determination, and the appeal does not amount to a finding of guilt against the former refinery managing director.
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