The Economic and Financial Crimes Commission (EFCC) has appealed a Federal High Court judgement dismissing its bid to secure the final forfeiture of $912,550 in unexplained cash and properties linked to a former Managing Director of Warri Refinery, Jimoh Olasunkanmi Yisawu.
The Commission filed a notice of appeal at the Court of Appeal, Abuja, on November 10, 2026, challenging the November 9 judgment delivered by Justice J.K. Omotosho of the Federal High Court, Abuja.
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 financial evidence presented by the Commission.
The anti-graft agency is challenging the entire decision and wants the appellate court to overturn the judgment and order the final forfeiture of the funds and properties to the Federal Government.
According to the EFCC, evidence presented before the court showed that Yisawu handed a total of $912,550, equivalent to more than ₦1.5 billion, to foreign exchange dealers Samaila Bala and Rasheed Yusuf between 2021 and 2025 for conversion into naira.
Questioning the source of the money, the prosecution counsel said: “The case rests on a simple question: how does a public officer whose lawful income is documented give out over $900,000 in cash?”
EFCC Questions Source of $912,550
The Commission argued that Yisawu failed to demonstrate how he converted his legitimate earnings into the foreign currency allegedly handed to the dealers.
In its appeal, the EFCC stated that the former refinery chief did not establish the lawful source of the dollars used in the transactions.
It also accused the trial judge of failing to analyse financial outflows from Yisawu’s bank accounts before concluding that the funds used to develop the properties came from his legitimate earnings.
The EFCC further relied on Yisawu’s financial declarations, which reportedly showed that as of September 17, 2020, he had ₦647,205.36 and $12,779.26 in cash and bank balances.
His total salaries and allowances between October 2020 and September 2023 amounted to ₦114,548,024.48.
According to the Commission, these earnings were far below the $912,550 he allegedly handed to the foreign exchange dealers.
The agency maintained that Yisawu failed to explain how he accumulated or converted his legitimate earnings into the foreign currency involved in the transactions.
EFCC Links Dealers to Property Development, Treasury Bills
The Commission also alleged that the foreign exchange dealers indirectly paid ₦282,542,000 towards the development of the two properties targeted for forfeiture.
Additionally, the EFCC said Samaila Bala paid ₦65,860,000 in three instalments to Cordros Securities Limited on February 21, 2024, for treasury bills.
The agency argued that neither the property development payments nor the treasury bill investment was linked to Yisawu’s documented lawful earnings.
It accused the trial judge of failing to adequately evaluate the financial evidence relating to the former refinery managing director’s income and the transactions under investigation.
Yisawu is also facing trial in a separate criminal case before another court.
EFCC Seeks Reversal of Judgment
In its appeal, the Commission is asking the Court of Appeal to allow its appeal, set aside the Federal High Court’s decision and grant its application for the final forfeiture of the funds and properties to the Federal Government.
The appeal marks the latest development in the EFCC’s investigation into the financial transactions and assets allegedly linked to the former Warri Refinery managing director.
