Court Sets Aside Forfeiture Order Against Ex-Warri Refinery MD

The Federal High Court in Abuja has set aside an interim forfeiture order against properties and funds linked to Jimoh Olasunkanmi Yisawu, a former managing director of the Warri Refining and Petrochemical Company. This decision was made after the court considered evidence presented by both parties. The Economic and Financial Crimes Commission (EFCC) had applied for the final forfeiture of the assets, alleging they were proceeds of unlawful activities.

According to the court's ruling, the EFCC failed to establish that the assets were acquired through unlawful means. Judge James Omotosho made the decision after reviewing the evidence. The EFCC had alleged that Mr. Yisawu's assets were disproportionate to his known lawful income, suggesting they were acquired with proceeds of unlawful activities linked to his time at the Nigerian National Petroleum Corporation (NNPC).

Mr. Yisawu served at the NNPC for 32 years, from 1991 to 2023, and was managing director of the Warri refinery for about 10 months, from November 2022 to September 2023. He explained to the court that his salaries, allowances, and other lawful earnings enabled him to acquire the properties in question. The court accepted his explanation, noting that his bank statements showed transactions exceeding N1.5 billion, which was considered reasonable given his long service.

The court also noted that Mr. Yisawu had declared his assets to the Code of Conduct Bureau and that he bought treasury bills after retiring from service. These factors contributed to the court's decision to set aside the forfeiture order. The EFCC had begun investigating Mr. Yisawu in 2024, following intelligence about alleged financial crimes involving officials of the Nigerian National Petroleum Company Limited.

The EFCC alleged that a provisional sum of $56 million was earmarked for the quick repair of the Warri refinery in 2022, and that Mr. Yisawu, who chaired the provisional sum tender board, oversaw the project and awarded contracts to over 20 local contractors. The commission also accused him of paying $900,000 to two Bureau de Change operators between 2021 and 2025, allegedly to acquire properties in Lagos.

Mr. Yisawu denied any wrongdoing, arguing through his lawyer, Wale Balogun, a Senior Advocate of Nigeria (SAN), that he acquired the properties before becoming managing director. He also pointed out that neither the NNPC, its successor company, the refinery, nor the contractor had complained about his handling of the project. The forfeiture proceedings are separate from the criminal case against Mr. Yisawu.

The EFCC has filed eight counts of money-laundering charges involving N1.339 billion against Mr. Yisawu. He pleaded not guilty when arraigned in July, and the criminal trial is set to begin in January 2027. The court's decision to set aside the forfeiture order marks a significant development in the case against the former Warri refinery MD.

Key points

• The Federal High Court in Abuja set aside an interim forfeiture order against properties and funds linked to Jimoh Olasunkanmi Yisawu.
• The court dismissed the EFCC's application for the final forfeiture of the assets, citing lack of evidence that they were proceeds of unlawful activities.
• Mr. Yisawu's criminal trial on money-laundering charges is set to begin in January 2027.