The Economic and Financial Crimes Commission (EFCC) has filed a notice of appeal at the Court of Appeal, Abuja, against the November 9, 2026, judgment of the Federal High Court, Abuja, against the Commission’s bid to secure final forfeiture of funds and properties linked to Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refinery.
In a notice of appeal on November 10, 2026, the EFCC, through its lead counsel, Ekele Iheanacho, SAN, said the trial judge, Justice J.K. Omotosho, erred in law when he refused to evaluate the evidence adduced by the Commission in the matter.
The Commission is challenging “the whole decision” of the court. The prosecution counsel said the trial court did not properly weigh the evidence before it. “The case rests on a simple question: how does a public officer whose lawful income is documented give out over $900,000 in cash?” he said.
The evidence placed before the court showed that between 2021 and 2025, Yisawu gave a total of $912,550, equivalent to over ₦1.5 billion, in cash to foreign exchange dealers Samaila Bala and Rasheed Yusuf for conversion to naira.
In the Appeal, the EFCC stressed that “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 learned trial judge failed to analyze all these financial outflows from the Respondent’s bank accounts in arriving at the conclusion that the funds used to develop the properties were from the Respondent’s lawful earnings.”
By his own declaration, his cash at hand and in the bank as of 17 September 2020 was N647,205.36 and $12,779.26. His total salaries and allowances from October 2020 to September 2023 were N114,548,024.48. The Commission says this is “far less” than the dollars he handed over and that he never showed how he turned legitimate earnings into foreign currency.
The Commission also says the dealers indirectly paid N282,542,000 for the development of the two properties sought to be forfeited. It adds that Bala paid ₦65,860,000 in three tranches to Cordros Securities Ltd on February 21, 2024 for treasury bills. According to the Commission, none of this was linked to Yisawu’s lawful earnings. The Commission contends that the learned trial judge refused to evaluate the evidence it adduced on his income.
Yisawu is also standing trial in a separate criminal case in another court. The Court held that he justified the source of funds for the properties and treasury bills without a credible explanation of their lawful origin.
The EFCC 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.
