The Economic and Financial Crimes Commission has appealed a Federal High Court judgment rejecting its application for the final forfeiture of assets linked to a former Managing Director of Warri Refinery, Jimoh Olasunkanmi Yisawu, over an alleged $912,550 cash transaction.
The commission disclosed this in a statement shared on its official X account on Wednesday, November 11, 2026, saying it had filed a notice of appeal at the Court of Appeal, Abuja, challenging the November 9 judgment delivered by Justice J.K. Omotosho.
In the notice of appeal filed on November 10 through its lead counsel, Ekele Iheanacho, SAN, the EFCC accused the trial judge of failing to properly evaluate the financial evidence presented in support of its forfeiture application.
The commission said it was challenging the entire decision of the lower court.
According to the EFCC, evidence before the court showed that Yisawu handed over $912,550, equivalent to more than N1.5bn, to foreign exchange dealers, Samaila Bala and Rasheed Olaitan Yusuf, between 2021 and 2025 for conversion into naira.
Questioning the source of the funds, the commission 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?”
The EFCC argued that Yisawu had not demonstrated how he converted his legitimate earnings into the foreign currency allegedly paid to the dealers.
It noted that his declared cash and bank balances as of September 17, 2020, stood at N647,205.36 and $12,779.26, while his salaries and allowances between October 2020 and September 2023 totalled N114,548,024.48.
The commission further alleged that the two dealers made indirect payments of N282.542m towards the development of two properties under investigation.
It also said Bala paid N65.86m in three instalments to Cordros Securities Limited on February 21, 2024, for treasury bills, arguing that the transactions were not traced to Yisawu’s legitimate earnings.
In its appeal, the anti-graft agency faulted the trial judge for allegedly failing to analyse financial outflows from Yisawu’s bank accounts before concluding that the funds used to develop the properties originated from his lawful income.
The EFCC is asking the Court of Appeal to set aside the 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 case.
