EFCC’s Evidence Faulted As Court Reverses Interim Forfeiture Of Ex-Warri Refinery MD’s Properties
The Federal High Court in Abuja on Monday set aside its interim forfeiture order against properties linked to the former Managing Director of Warri Refining and Petrochemical Company, Jimoh Olasunkanmi Yisawu, faulting the Economic and Financial Crimes Commission’s (EFCC) “watery evidence” alleging proceeds of unlawful activities.
Justice James Omotosho dismissed the EFCC’s application for the final forfeiture of Yisawu’s funds and properties domiciled in Lagos, holding that the Commission “failed totally” to establish that Yisawu’s income, after serving the Nigerian National Petroleum Corporation (NNPC) for 32 years, was disproportionate to the value of the properties.
The Commission had obtained an interim forfeiture order against the properties and funds amid a separate eight-count criminal charge bordering on alleged money laundering involving N1.339 billion, which is pending before Justice Inyang Ekwo.
Judge Faults EFCC’s Money Laundering Evidence
In his ruling, Justice Omotosho examined the financial records and explanations provided by EFCC and Yisawu, including his earnings from 32 years of service in the oil and gas industry.
The court analysed the statements of account presented by the respondent, which reportedly totalled over N1.5 billion, describing the amount as substantial but reasonable considering the number of years he had worked in the industry.
- “It is public knowledge that NNPC is one of the companies that pays staff competitive salaries and allowances,” the judge said.
The judge also observed that an NNPC email showed that Yisawu received estacodes worth $18,160 for some periods in 2013, 2014, 2016, 2019 and 2020, while cash payments(estacodes) made over the years could not be tracked because of the passage of time.
- “The balance of probability weighs heavily in favour of the respondent,” the judge held, noting that Yisawu had been in service since 1991.
- “Omotosho further held that Yisawu’s evidence “weighs more than the flimsy and watery evidence of the EFCC”.
The judge agreed that both properties in Lagos were acquired through loans and lawful earnings before Yisawu became the Managing Director of Warri Refinery.
He added that the EFCC failed to establish that the respondent received gratuitous payments.
The court also observed that Yisawu had declared his assets, as evidenced by the asset declaration forms of the Code of Conduct Bureau presented before it.
Regarding the treasury bills, the judge held that the former managing director purchased them after retiring from service.
He consequently set aside the interim forfeiture orders against Yisawu’s properties and funds, adding that the EFCC’s evidence did not establish any unlawful activity against him.
EFCC’s Allegations and Yisawu’s Defence
According to the EFCC, it received intelligence in 2024 concerning alleged criminal conspiracy, diversion of public funds, economic sabotage and money laundering involving certain officials of the Nigerian National Petroleum Company Limited (formerly NNPC).
The Commission alleged that Yisawu’s name featured prominently in the investigation.
- The EFCC stated that Yisawu served the NNPC from August 1991 to September 2023 and was the Managing Director of Warri Refinery from November 2022 to September 2023.
- The Commission alleged that in 2022, the former managing director, through WRPC, entered into a contract with a company for the quick repair of Warri Refinery and was responsible for overseeing its execution.
- It further alleged that during its investigation period, a provisional sum of $56 million was earmarked for the project and was under Yisawu’s control, as he also served as chairman of the provisional sum tender board.
The EFCC accused him of violating the agreement by awarding contracts to more than 20 local contractors who were neither licensors, original equipment manufacturers nor specialist vendors.
- The Commission also alleged that between 2021 and 2025, Yisawu paid a total of $900,000 in cash to Samaila Bala and Rasheed Olaitan, who operated Bureau De Change (BDC) businesses. It claimed that the money was subsequently transferred to various accounts on his instructions.
- The EFCC maintained that the funds were not derived from any known lawful income of Yisawu as a public officer. It also alleged that money transferred to a BDC operator was used to purchase a four-bedroom duplex in Ikeja, Lagos, while another plot of land was acquired in the area for N100 million in 2022. The Commission also accused him of failing to declare his assets while in service.
However, Yisawu, through his lawyer, Wale Balogun, SAN, confirmed that he served the NNPC for 32 years.
He denied violating any contract, stating that neither the NNPC, NNPCL, WRPC nor the contractor had ever lodged a complaint against him regarding his conduct or the execution of the project.
Yisawu also argued that he served as managing director of WRPC for only ten months, while the properties targeted for forfeiture were acquired between 2015 and 2020, several years before his appointment.
He maintained that his lawful earnings accumulated over 32 years, including salaries, allowances and estacodes, were used to acquire the properties and treasury bills.
He also said he earned foreign currencies through trading in the open market over the years.
On the allegation of non-declaration of assets, Yisawu argued that he declared his assets when NNPCL was a government-owned company but was no longer required to do so as a public officer after its privatisation.
Previous NNPC Alleged Money Laundering Case
The development adds to the 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 (GMD) of the Nigerian National Petroleum Corporation (NNPC), of money laundering charges.
- The EFCC had raided Mr Yakubu’s residence in Kaduna State in 2017 after receiving a tip-off and allegedly discovered $9,772,800 and £74,000 stashed in a fireproof safe.
The discovery led to a money laundering case against the former NNPC chief, which lasted five years before the court discharged and acquitted him.
The case was previously reported by Nairametrics in March 2022.
