The Federal High Court in Abuja on Monday put aside its interim forfeiture order towards properties linked to the previous 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 illegal actions.
Justice James Omotosho dismissed the EFCC’s utility for the ultimate forfeiture of Yisawu’s funds and properties domiciled in Lagos, holding that the Commission “failed totally” to determine that Yisawu’s earnings, after serving the Nigerian National Petroleum Corporation (NNPC) for 32 years, was disproportionate to the worth 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 cash laundering involving N1.339 billion, which is pending earlier than Justice Inyang Ekwo.
Judge Faults EFCC’s Money Laundering Evidence
In his ruling, Justice Omotosho examined the monetary information and explanations supplied by EFCC and Yisawu, together with his earnings from 32 years of service within the oil and gasoline business.
The courtroom analysed the statements of account offered by the respondent, which reportedly totalled over N1.5 billion, describing the quantity as substantial however affordable contemplating the quantity of years he had labored within the business.
- “It is public knowledge that NNPC is one of the companies that pays staff competitive salaries and allowances,” the choose mentioned.
The choose additionally noticed that an NNPC e mail confirmed that Yisawu obtained estacodes price $18,160 for some intervals in 2013, 2014, 2016, 2019 and 2020, whereas money funds(estacodes) made through the years couldn’t be tracked as a result of of the passage of time.
- “The balance of probability weighs heavily in favour of the respondent,” the choose 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 choose agreed that each properties in Lagos have been acquired by means of loans and lawful earnings earlier than Yisawu grew to become the Managing Director of Warri Refinery.
He added that the EFCC failed to determine that the respondent obtained gratuitous funds.
The courtroom additionally noticed that Yisawu had declared his belongings, as evidenced by the asset declaration kinds of the Code of Conduct Bureau offered earlier than it.
Regarding the treasury payments, the choose held that the previous managing director bought them after retiring from service.
He consequently put aside the interim forfeiture orders towards Yisawu’s properties and funds, including that the EFCC’s evidence didn’t set up any illegal exercise towards him.
EFCC’s Allegations and Yisawu’s Defence
According to the EFCC, it obtained intelligence in 2024 regarding alleged felony conspiracy, diversion of public funds, financial sabotage and cash laundering involving sure officers of the Nigerian National Petroleum Company Limited (previously NNPC).
The Commission alleged that Yisawu’s identify featured prominently within the investigation.
- The EFCC acknowledged 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 previous managing director, by means of WRPC, entered right into a contract with an organization for the short restore of Warri Refinery and was answerable for overseeing its execution.
- It additional alleged that in its investigation interval, a provisional sum of $56 million was earmarked for the mission and was underneath Yisawu’s management, as he additionally served as chairman of the provisional sum tender board.
The EFCC accused him of violating the settlement by awarding contracts to greater than 20 native contractors who have been neither licensors, authentic tools producers nor specialist distributors.
- The Commission additionally alleged that between 2021 and 2025, Yisawu paid a complete of $900,000 in money to Samaila Bala and Rasheed Olaitan, who operated Bureau De Change (BDC) companies. It claimed that the cash was subsequently transferred to numerous accounts on his directions.
- The EFCC maintained that the funds weren’t derived from any identified lawful earnings of Yisawu as a public officer. It additionally alleged that cash transferred to a BDC operator was used to buy a four-bedroom duplex in Ikeja, Lagos, whereas one other plot of land was acquired within the space for N100 million in 2022. The Commission additionally accused him of failing to declare his belongings whereas in service.
However, Yisawu, by means of 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 criticism towards him relating to his conduct or the execution of the mission.
Yisawu additionally argued that he served as managing director of WRPC for less than ten months, whereas the properties focused for forfeiture have been acquired between 2015 and 2020, a number of years earlier than his appointment.
He maintained that his lawful earnings accrued over 32 years, together with salaries, allowances and estacodes, have been used to amass the properties and treasury payments.
He additionally mentioned he earned foreign currency echange by means of buying and selling within the open market through the years.
On the allegation of non-declaration of belongings, Yisawu argued that he declared his belongings when NNPCL was a government-owned firm however was not required to take action as a public officer after its privatisation.
Previous NNPC Alleged Money Laundering Case
The improvement provides to the record of anti-corruption instances involving outstanding Nigerians accused of cash laundering and associated monetary offences which have ended of their favour on 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 cash laundering costs.
- The EFCC had raided Mr Yakubu’s residence in Kaduna State in 2017 after receiving a tip-off and allegedly found $9,772,800 and £74,000 stashed in a fireproof protected.
The discovery led to a cash laundering case towards the previous NNPC chief, which lasted 5 years earlier than the courtroom discharged and acquitted him.
The case was beforehand reported by Nairametrics in March 2022.
