The Economic and Financial Crimes Commission (EFCC) has filed an appeal against a Federal High Court ruling that set aside its interim forfeiture order on properties linked to Jimoh Olasunkanmi Yisawu, the former Managing Director of the Warri Refining and Petrochemical Company (WRPC).
The notice of appeal was filed by the Commission’s counsel, E.E. Iheanacho, SAN, and has been sighted in reporting on the case. The appeal follows a decision delivered by Justice James Omotosho, which dismissed the EFCC’s application for the final forfeiture of Yisawu’s funds and properties domiciled in Lagos.
The Trial Court’s Ruling
In dismissing the EFCC’s application, Justice Omotosho held that the Commission had “failed totally” to establish that Yisawu’s income, accumulated over 32 years of service at the Nigerian National Petroleum Corporation (NNPC), was disproportionate to the value of the properties in question. The judge reviewed the financial records and explanations submitted by both parties and concluded that the balance of probabilities weighed heavily in favour of the former managing director.
Yisawu, through his lawyer, Wale Balogun, SAN, confirmed that he had served the NNPC for 32 years. He denied violating any contract, noting that neither the NNPC, the NNPCL, the WRPC nor the contractor involved had ever lodged a complaint against him concerning his conduct or the execution of the project. Justice Omotosho ultimately held that Yisawu’s evidence outweighed what he described as the EFCC’s “flimsy and watery” evidence.
Grounds of the EFCC’s Appeal
The EFCC is challenging the entire decision of the trial court. Through its counsel, the Commission alleged that the trial judge erred in law by declining to evaluate evidence it presented, which purportedly showed that the respondent’s income between September 2020, when he completed the Code of Conduct Bureau (CCB) Asset Declaration Form, and September 2023, when he retired, fell far below the total sum of $912,550 he paid to Samaila Bala and Rasheed Yusuf, who operate as Bureau de Change (BDC) dealers in foreign exchange.
Iheanacho further contended that the respondent failed to provide a credible explanation for the lawful origin of the funds used to develop the disputed landed properties and to purchase the treasury bills sought to be forfeited. He alleged that Exhibit EFCC 18 demonstrated that the respondent used his gratuity, totalling N368,894,865.28, to purchase other properties distinct from those sought to be forfeited, as well as FGN Savings Bonds between November 2023 and December 2024. He maintained that the funds paid to Bala and Yusuf did not form part of the respondent’s pension and gratuity.
The senior lawyer also argued that the trial judge erred in holding that the respondent had declared his assets, whereas the CCB, which maintains records of asset declarations by public officers, allegedly confirmed that it had no record of such a declaration. He submitted that an asset declaration form is a critical component in determining the legitimacy of assets linked to a public officer at any given time.
According to Iheanacho, the trial judge failed to appreciate the EFCC’s powers, which include demanding and receiving public records from individuals, companies and government agencies such as the CCB. He further contended that there was no evidence showing that the former managing director purchased US dollars in cash on the open market using his savings, salaries, allowances, pension or gratuity, or that he used lawful resources to purchase the treasury bills and develop the two properties sought to be forfeited.
The Commission urged the court to allow its appeal, set aside the trial court’s decision and grant the final forfeiture of the funds and properties reasonably suspected to be proceeds of unlawful activities to the Federal Government. As of the time of reporting, a formal response from Yisawu’s legal team to the appeal had not been accessed.
Context
The ruling at the trial court adds to a growing list of anti-corruption cases involving prominent Nigerians accused of money laundering and related financial offences that have ended in their favour at the Federal High Court. In 2022, the Federal High Court in Abuja discharged and acquitted Andrew Yakubu, a former Group Managing Director of the NNPC, of money laundering charges. The EFCC had raided Yakubu’s residence in Kaduna State in 2017 following a tip-off and allegedly discovered $9,772,800 and £74,000 stashed in a fireproof safe. The resulting case lasted five years before the court discharged and acquitted him.
