EFCC arraigns ex-Warri refinery MD over alleged N1.339bn money laundering

The Economic and Financial Crimes Commission has arraigned Jimoh Olasunkanmi Yisawu, former Managing Director of the Warri Refining and Petrochemical Company Limited, before the Federal High Court in Abuja over an alleged N1.339 billion money laundering scheme.

Yisawu was brought before Inyang Ekwo (Justice) on Monday on an eight-count charge bordering on alleged money laundering involving foreign currency transactions, and investments allegedly linked to proceeds of unlawful activities.

He pleaded not guilty to all the charges.

According to the EFCC, the alleged offences were committed between October 2023 and May 2025 while Yisawu served as a public officer under the Nigerian National Petroleum Company Limited, formerly the Nigerian National Petroleum Corporation.

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In the first count, the anti-graft agency alleged that Yisawu indirectly converted a total of $789,950 through one Samaila Bala between October 2023 and May 2025 in Abuja.

The commission alleged that the funds did not form part of his legitimate earnings as a public officer and that he knew they constituted proceeds of unlawful activity, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

In another count, the EFCC alleged that between February 2024 and March 2025, the former refinery boss converted $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures in Lagos.

The commission further accused him of transferring N65.86 million to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills, alleging that he reasonably ought to have known the money represented proceeds of unlawful activity.

Following his plea, his counsel, Wale Balogun, urged the court to admit his client to bail, assuring the court that the defendant would always be available to stand trial.

However, Ekele Iheanacho, EFCC’s lead counsel, opposed the application, informing the court that the commission had filed a 17-paragraph affidavit urging the court to refuse bail because of the gravity of the allegations.

After hearing both parties, Ekwo admitted Yisawu to bail in the sum of N500 million with one surety in like sum.

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The judge ruled that the surety must be a responsible citizen and owner of landed property within the court’s jurisdiction.

He directed the court registrar to verify the property and ensure that the original title documents are deposited with the court.

Ekwo also ordered the defendant to surrender his international passport to the court and prohibited him from travelling outside the court’s jurisdiction without prior approval.

Pending the fulfilment of the bail conditions, the court ordered that Yisawu remain in the custody of the EFCC.

The matter was adjourned until October 26, 27 and 28, 2026, for the commencement of trial.