From Premium Times Nigeria · Ndidiamaka Ede · · 2m
Court sets aside forfeiture order against ex-Warri refinery MD
Court dismisses EFCC's asset forfeiture claim against ex-Warri refinery MD after finding evidence of lawful income.
In brief
Court dismisses EFCC's asset forfeiture claim against ex-Warri refinery MD after finding evidence of lawful income. Federal High Court in Abuja set aside forfeiture order against Jimoh Olasunkanmi Yisawu's assets, ruling EFCC failed to prove they were proceeds of unlawful activities. Originally reported by Premium…
Court dismisses forfeiture order
Federal High Court in Abuja set aside interim forfeiture order against properties linked to ex-Warri refinery MD Jimoh Olasunkanmi Yisawu.
EFCC failed to establish unlawful origin
Court ruled EFCC did not prove assets were proceeds of unlawful activities despite allegations of financial crimes.
Yisawu's 32-year NNPC service
Yisawu served Nigerian National Petroleum Corporation for 32 years from 1991 to 2023.
Yisawu's refinery tenure
He was managing director of Warri refinery for about 10 months from November 2022 to September 2023.
EFCC's allegations
EFCC claimed Yisawu's assets were disproportionate to his known income and linked to NNPC time.
Yisawu's explanation
Yisawu said he bought Lagos properties through loans and lawful earnings between 2015 and 2020.
Court accepted explanation
Judge Omotosho found Yisawu's evidence outweighed EFCC's and accepted his bank statements showing N1.5 billion transactions.
Asset declaration
Court noted Yisawu had declared assets to Code of Conduct Bureau and bought treasury bills post-retirement.
EFCC investigation start
EFCC began investigating Yisawu after receiving intelligence in 2024 about alleged financial crimes.
Alleged $56 million repair fund
EFCC alleged $56 million was earmarked for Warri refinery quick repair in 2022 with Yisawu overseeing the project.
Bureau de Change payments
EFCC accused Yisawu of paying $900,000 to two Bureau de Change operators between 2021 and 2025.
Yisawu's defense
Yisawu denied wrongdoing and said he acquired properties before becoming refinery managing director.
No complaints from contractors
Yisawu claimed neither NNPC, refinery, nor contractors complained about his project handling.
Forfeiture proceedings separate
Forfeiture proceedings are separate from criminal trial against Yisawu for money laundering.
The headline
Federal High Court in Abuja set aside forfeiture order against Jimoh Olasunkanmi Yisawu's assets, ruling EFCC failed to prove they were proceeds of unlawful activities.
