Court sets aside forfeiture order against ex-Warri refinery MD

The Federal High Court in Abuja on Monday 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.

The court also dismissed the application brought by the Economic and Financial Crimes Commission (EFCC) for the final forfeiture of the assets, ruling that the commission failed to establish that they were proceeds of unlawful activities.

Judge James Omotosho made the ruling after considering evidence presented by both parties, according to a report by Nairametrics.

Mr Yisawu served with the Nigerian National Petroleum Corporation (NNPC) for 32 years, from 1991 to 2023. He was managing director of the Warri refinery for about 10 months, from November 2022 to September 2023.

The EFCC had alleged that his assets were disproportionate to his known lawful income. It argued that he acquired the properties with proceeds of unlawful activities linked to his time at the NNPC.

But Mr Yisawu told the court that his salaries, allowances and other lawful earnings enabled him to acquire the properties.

He also explained that he bought the two Lagos properties through loans and lawful earnings between 2015 and 2020, several years before his appointment as the refinery’s .anaging director.

Jdge Omotosho accepted his explanation and held that his evidence outweighed the EFCC’s. He also noted that Mr Yisawu’s bank statements showed transactions exceeding N1.5 billion, which he considered reasonable given his 32 years of service.

The court further noted that Mr Yisawu had declared his assets to the Code of Conduct Bureau. It also accepted his explanation that he bought the treasury bills after retiring from service.

The EFCC said it began investigating Mr Yisawu after receiving intelligence in 2024 about alleged financial crimes involving officials of the Nigerian National Petroleum Company Limited.

It alleged that a provisional sum of $56 million was earmarked for the quick repair of the Warri refinery in 2022. Mr Yisawu, who chaired the provisional sum tender board, allegedly oversaw the project and awarded contracts to more than 20 local contractors.

The commission also accused him of paying $900,000 to two Bureau de Change operators between 2021 and 2025. It alleged that the money was used to acquire properties in Lagos.

Mr Yisawu denied wrongdoing. Through his lawyer, Wale Balogun, a Senior Advocate of Nigeria (SAN), he argued that he acquired the properties before becoming managing director.

He also said neither the NNPC, its successor company, the refinery nor the contractor had complained about his handling of the project.

READ ALSO: EFCC arraigns ex-Warri refinery MD for money laundering

Criminal trial continues

The forfeiture proceedings are separate from the criminal case against Mr Yisawu.

PREMIUM TIMES reported that the EFCC filed eight counts of money-laundering charge involving N1.339 billion against him. He pleaded not guilty when he was arraigned in July.

The criminal trial, which was scheduled to begin in October.

Judge Inyang Ekwo subsequently fixed 18, 19 and 20 January 2027 for the commencement of trial.