912,550 forfeiture: EFCC challenges Omotosho’s judgement

The Economic and Financial Crimes Commission has approached the Court of Appeal, Abuja Division, in a bid to secure the final forfeiture of funds and properties tied to Jimoh Yisawu, a former managing director of Warri Refinery, over $912,550 in cash transactions the agency describes as unexplained.

In a statement issued on Wednesday, the commission said it filed a notice of appeal on November 10 against the November 9 judgement of Justice J.K. Omotosho of the Federal High Court, Abuja Division.

Through its lead counsel, Ekele Iheanacho, the EFCC contended that the trial judge committed an error of law by failing to properly evaluate the commission’s financial evidence.

The agency is challenging the entire judgement, saying the court did not adequately examine evidence on Mr Yisawu’s earnings and his alleged transfer of large sums of foreign currency to bureau de change operators.

Per the EFCC, the evidence placed before the trial court indicated that between 2021 and 2025, Mr Yisawu handed $912,550, equivalent to more than N1.5 billion, to foreign exchange dealers Samaila Bala and Rasheed Yusuf for conversion into naira.

“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 prosecution counsel said.

The anti-graft agency maintained that Mr Yisawu did not show how he turned his legitimate earnings into the foreign currency he allegedly handed to the dealers. It also faulted the judge for not analysing the financial outflows from his bank accounts before finding that the money used to develop the properties came from his legitimate earnings.

According to the EFCC, Mr Yisawu declared that his cash holdings and bank balance as of September 17, 2020, stood at over N600,000 and $12,779.26 respectively. His salaries and allowances from October 2020 to September 2023 totalled more than N114 million, a figure the commission said was considerably lower than the foreign currency transactions under investigation.

The EFCC alleged that the two currency dealers indirectly paid over N282 million towards the development of the two properties at the centre of the forfeiture proceedings. It said Mr Bala made three instalments totalling more than N65 million to Cordros Securities Limited on February 21, 2024, to purchase treasury bills.

The commission stated that neither the property development payments nor the treasury bill investment was linked to Mr Yisawu’s legitimate earnings.

The former refinery managing director is also facing trial in a separate criminal proceeding before another court.

In the appeal, the EFCC urged the appellate court to allow the challenge, set aside the Federal High Court’s judgement and grant its application for the final forfeiture of the disputed funds and properties to the government.