Court grants ex-Warri Refinery MD N500m bail in EFCC money laundering case

A Federal High Court in Abuja on Monday granted Jimoh Yisawu, former managing director of the Warri Refining and Petrochemical Company Limited, bail in the sum of N500 million after he was arraigned by the Economic and Financial Crimes Commission (EFCC) on alleged money laundering charges.

Yisawu, who was brought before Justice Inyang Ekwo on an eight-count charge, pleaded not guilty to all the allegations.

Following his plea, Ekele Iheanacho (SAN), EFCC counsel, asked the court to fix a date for trial, while defence counsel Wale Balogun (SAN) sought leave to move the defendant’s bail application.

Although the prosecution opposed the application, Justice Ekwo held that the offences were bailable and admitted Yisawu to bail in the sum of N500 million with one surety in a like amount.

The court ruled that the surety must be a responsible Nigerian with landed property within the court’s jurisdiction, subject to verification.

The judge also ordered Yisawu to deposit his international passport with the court and barred him from travelling outside the court’s jurisdiction without prior approval.

Pending the fulfilment of the bail conditions, Justice Ekwo ordered that the former refinery boss be remanded in the custody of the EFCC.

The case was adjourned to October 25, 26, and 27 for the commencement of trial.

Yisawu is facing prosecution over alleged money laundering offences linked to his tenure as managing director of the Warri Refining and Petrochemical Company, a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL).

According to the charge marked FHC/ABJ/CR/361/2026, the EFCC alleged that the former refinery chief laundered public funds and used part of the proceeds to purchase treasury bills for his personal benefit.

The anti-graft agency filed the eight-count charge on June 22, with Yisawu named as the sole defendant.

The alleged offences are said to contravene Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the Act.

The trial is expected to begin in October, when the prosecution will present evidence in support of the charges.