The Federal High Court in Abuja has overturned an interim forfeiture order against properties and funds belonging to former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, ruling that the Economic and Financial Crimes Commission (EFCC) failed to establish their connection to proceeds of unlawful activities.
Justice James Omotosho, in a ruling on Monday, November 9, 2026, also dismissed the commission’s application for final forfeiture, citing insufficient evidence to justify the seizure.
The judge considered Yisawu’s 32 years of service in the Nigerian National Petroleum Corporation (NNPC), his employment records and financial statements, including bank transactions exceeding N1.5 billion.
The court held that the transactions alone did not establish unlawful enrichment, particularly given his career in the oil and gas industry. It also considered NNPC records showing that he received estacode allowances totalling $18,160 during selected periods between 2013 and 2020.
Evidence before the court indicated that the disputed properties were acquired between 2015 and 2020 through personal earnings and loans, before Yisawu became managing director of the Warri refinery in November 2022.
The judge also noted that he had filed asset declarations with the Code of Conduct Bureau and acquired the treasury bills under investigation after retiring from public service.
The EFCC had accused Yisawu of financial misconduct in the rehabilitation of the Warri refinery, alleging that he supervised a repair contract involving a provisional sum of $56 million during his tenure between November 2022 and September 2023.
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The commission further alleged that he awarded contracts to more than 20 unqualified local contractors and made cash payments totalling $900,000 through Bureau De Change operators Samaila Bala and Rasheed Olaitan between 2021 and 2025.
Some of the transactions were allegedly linked to properties in Ikeja, Lagos, including a four-bedroom duplex and a plot of land reportedly purchased for N100 million.
Yisawu denied wrongdoing, maintaining that his assets came from legitimate earnings accumulated during his career and that the properties predated his appointment as refinery chief.
Criminal trial remains pending
The forfeiture ruling does not resolve the separate criminal case against Yisawu. He was arraigned on July 20, 2026, before Justice Inyang Ekwo of the Federal High Court, Abuja, on an eight-count charge bordering on alleged money laundering involving N1.339 billion.
He pleaded not guilty and was granted bail of N500 million.
The trial, initially scheduled for October 25–27, 2026, could not commence amid pre-election court engagements and courtroom renovation work. Proceedings were subsequently adjourned to January 18–20, 2027.
Monday’s decision concerns the asset-forfeiture proceedings and does not amount to an acquittal on the pending criminal charges.