Court Grants Ex-Warri Refinery MD Jimoh Yisawu N500m Bail Over Alleged $789,950 Money Laundering

ABUJA — The Federal High Court in Abuja on Monday granted bail in the sum of N500 million to the former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Yisawu, following his arraignment on alleged money laundering charges brought by the Economic and Financial Crimes Commission (EFCC).
Yisawu was arraigned before Justice Inyang Ekwo on an eight-count charge marked FHC/ABJ/CR/361/2026, bordering on alleged violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
The former refinery boss pleaded not guilty to all the charges.
According to the EFCC, Yisawu allegedly converted a total of $789,950, said to be proceeds of unlawful activities, an offence the commission argued contravenes Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, and is punishable under Section 18(3) of the same law.
The anti-graft agency further alleged that the defendant made cash payments exceeding $789,950 to one Samaila Bala without conducting the transactions through a financial institution, contrary to the provisions of the anti-money laundering law.
In another count, the EFCC accused Yisawu of making additional cash payments amounting to $122,600 through Rasheed Olaitan Yusuf, also outside the formal banking system.
Following his plea, defence counsel, Wale Balogun, SAN, applied for bail, arguing that the EFCC had earlier granted the defendant administrative bail during the investigation after taking custody of his international passport.
Balogun urged the court to maintain the existing bail conditions, stressing that his client had complied with all directives of the commission and should be allowed to prepare for his defence outside custody.
The application was opposed by EFCC counsel, Ekele Iheanacho, SAN, who asked the court to consider the commission’s counter-affidavit challenging the request for bail.
In his ruling, Justice Ekwo held that the offences contained in the charge were bailable and ruled that the defendant was entitled to bail in accordance with the law.
The court, relying on Section 162 of the Administration of Criminal Justice Act (ACJA), 2015, admitted Yisawu to bail in the sum of N500 million with one surety in like sum.
Justice Ekwo ordered that the surety must be a responsible Nigerian who owns landed property in Abuja and must provide documentary evidence of ownership.
The court also directed the defendant to surrender his international passport and ruled that he must not travel outside Nigeria without prior approval of the court.
Pending the fulfilment of the bail conditions, Justice Ekwo ordered that Yisawu remain in the custody of the EFCC.
The matter was adjourned until October 25, 26 and 27, 2026, for the commencement of trial.
— Newday Reporters NewsroomHeadline:
Court Grants Ex-Warri Refinery MD Jimoh Yisawu N500m Bail Over Alleged $789,950 Money Laundering
ABUJA — The Federal High Court in Abuja on Monday granted bail in the sum of N500 million to the former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Yisawu, following his arraignment on alleged money laundering charges brought by the Economic and Financial Crimes Commission (EFCC).
Yisawu was arraigned before Justice Inyang Ekwo on an eight-count charge marked FHC/ABJ/CR/361/2026, bordering on alleged violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
The former refinery boss pleaded not guilty to all the charges.
According to the EFCC, Yisawu allegedly converted a total of $789,950, said to be proceeds of unlawful activities, an offence the commission argued contravenes Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, and is punishable under Section 18(3) of the same law.
The anti-graft agency further alleged that the defendant made cash payments exceeding $789,950 to one Samaila Bala without conducting the transactions through a financial institution, contrary to the provisions of the anti-money laundering law.
In another count, the EFCC accused Yisawu of making additional cash payments amounting to $122,600 through Rasheed Olaitan Yusuf, also outside the formal banking system.
Following his plea, defence counsel, Wale Balogun, SAN, applied for bail, arguing that the EFCC had earlier granted the defendant administrative bail during the investigation after taking custody of his international passport.
Balogun urged the court to maintain the existing bail conditions, stressing that his client had complied with all directives of the commission and should be allowed to prepare for his defence outside custody.
The application was opposed by EFCC counsel, Ekele Iheanacho, SAN, who asked the court to consider the commission’s counter-affidavit challenging the request for bail.
In his ruling, Justice Ekwo held that the offences contained in the charge were bailable and ruled that the defendant was entitled to bail in accordance with the law.
The court, relying on Section 162 of the Administration of Criminal Justice Act (ACJA), 2015, admitted Yisawu to bail in the sum of N500 million with one surety in like sum.
Justice Ekwo ordered that the surety must be a responsible Nigerian who owns landed property in Abuja and must provide documentary evidence of ownership.
The court also directed the defendant to surrender his international passport and ruled that he must not travel outside Nigeria without prior approval of the court.
Pending the fulfilment of the bail conditions, Justice Ekwo ordered that Yisawu remain in the custody of the EFCC.
The matter was adjourned until October 25, 26 and 27, 2026, for the commencement of trial.
— Newday Reporters Newsroom