The Federal High Court in Abuja on Monday vacated its interim forfeiture order on properties linked to the former Managing Director of Warri Refining and Petrochemical Company, Jimoh Olasunkanmi Yisawu, faulting the Economic and Financial Crimes Commission’s “watery evidence” linking the assets to proceeds of unlawful activities.
Justice James Omotosho dismissed the EFCC’s application for the final forfeiture of Yisawu’s funds and properties in Lagos, ruling that the commission had “failed totally” to prove that his earnings after 32 years of service at the Nigerian National Petroleum Corporation were disproportionate to the value of the assets.
The commission had secured an interim forfeiture order covering the properties and funds in connection with a separate eight-count criminal charge bordering on alleged money laundering involving N1.339bn. The case is pending before Justice Inyang Ekwo.
In his ruling, Justice Omotosho reviewed the financial records and explanations submitted by both the EFCC and Yisawu, including details of the former refinery chief’s earnings during his 32 years in the oil and gas industry.
The court reviewed Yisawu’s bank statements, which reportedly showed transactions exceeding N1.5bn, describing the amount as substantial but reasonable given the number of years he spent working 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 noted that an email from the NNPC indicated that Yisawu received estacodes totalling $18,160 for certain periods in 2013, 2014, 2016, 2019 and 2020.
However, records of cash estacode payments made over the years could no longer be traced due to 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.
Justice Omotosho further ruled that Yisawu’s evidence “weighs more than the flimsy and watery evidence of the EFCC”.
The judge held that both properties in Lagos were acquired through loans and legitimate earnings before Yisawu was appointed Managing Director of the Warri Refinery.
He also found that the EFCC failed to prove that the former refinery chief received any gratuitous payments.
The court further noted that Yisawu had declared his assets, citing asset declaration forms submitted to the court by the Code of Conduct Bureau.
On the treasury bills, the judge ruled that Yisawu acquired them after retiring from service.
Consequently, Justice Omotosho vacated the interim forfeiture orders covering the former refinery chief’s properties and funds, holding that the EFCC failed to present sufficient evidence linking the assets to any unlawful activities.
