The Economic and Financial Crimes Commission has appealed to the Court of Appeal, Abuja Division, seeking to secure the final forfeiture of funds and properties linked to Jimoh Yisawu, a former managing director of Warri Refinery, over $912,550 in unexplained cash transactions.
In a statement on Wednesday, the agency filed a notice of appeal on November 10, challenging the November 9 judgement delivered by Justice J.K. Omotosho of the Federal High Court, Abuja Division.
In the appeal, filed through its lead counsel, Ekele Iheanacho, the EFCC accused the trial judge of an error of law for failing to evaluate the commission’s financial evidence properly.
The commission said it was challenging the entire judgement, arguing that the court failed to adequately examine evidence concerning Mr Yisawu’s earnings and his alleged transfer of large sums of foreign currency to bureau de change operators.
According to the EFCC, evidence before the trial court showed 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 argued that Mr Yisawu failed to demonstrate how he converted his legitimate earnings into the foreign currency allegedly handed to the dealers.
It further faulted the trial judge for failing to analyse financial outflows from Mr Yisawu’s bank accounts before concluding that the funds used to develop the properties originated from his legitimate earnings.
The EFCC said 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.
It added that his total salaries and allowances between October 2020 and September 2023 amounted to over N114 million, an amount the EFCC said was considerably lower than the foreign currency transactions under investigation.
The anti-graft agency alleged that the two foreign exchange dealers indirectly paid over N282 million towards the development of the two properties being contested in the forfeiture proceedings.
It said Mr Bala paid over N65 million in three instalments to Cordros Securities Limited on February 21, 2024, to purchase treasury bills. According to the EFCC, 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 its appeal, the EFVV 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.