The Economic and Financial Crimes Commission, EFCC, on Monday arraigned the former Managing Director of Warri Refining and Petrochemical Company Ltd, Jimoh Yisawu, before the Federal High Court in Abuja over alleged money laundering involving public funds.
Yisawu was brought before Justice Inyang Ekwo on an eight-count charge bordering on money laundering. He pleaded not guilty to all the charges after they were read to him. Following his plea, EFCC counsel, Ekele Iheanacho, SAN, requested a date for the commencement of trial, while Yisawu’s defence counsel, Wale Balogun, SAN, sought the court’s permission to move his bail application.
Although the EFCC opposed the bail request, Justice Ekwo granted the application, ruling that the alleged offences were bailable. The court admitted Yisawu to bail in the sum of N500 million with one surety in the same amount.
Justice Ekwo said the surety must be a responsible citizen with landed property within the court’s jurisdiction, adding that the property documents must be verified before approval.
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The judge also ordered Yisawu to surrender his international passport to the court and barred him from travelling outside the country without the court’s permission.
Pending the fulfilment of his bail conditions, the former refinery boss was ordered to remain in EFCC custody. The court adjourned the case until October 25, 26 and 27 for the commencement of trial
The EFCC, in a charge marked FHC/ /CR/361/2026 and filed on June 22, alleged that Yisawu committed money laundering offences while serving as Managing Director of the refinery and as a former employee of the Nigerian National Petroleum Company Ltd.
The anti-graft agency alleged that he laundered public funds and used part of the proceeds to purchase treasury bills for himself.
The charge was filed under Section 18(2)(b) and punishable under Section 18(3) of the Money Laundering Prevention and Prohibition Act, 2022.
NAN
