The Federal High Court sitting in Abuja on Monday granted bail of ₦500m to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is standing trial on an eight-count charge bordering on money laundering.
Yisawu, who is the only defendant in charge. FHC/ABJ/CR/361/2026 pleaded not guilty to all eight counts after they were read to him before Justice Inyang Ekwo.
The charge was filed on June 22, 2026, by the federal government.
The prosecution, lead by Ekele Iheanacho (SAN), told the court that the defendant allegedly violated the Money Laundering (Prevention and Prohibition) Act of 2022.
The Federal Government charged Yisawu with “indirectly converting the aggregate sum of over $789,950 as proceeds of unlawful activity”, which violates Section 18(2)(b) and is penalised under Section 18(3) of the Act.
In the second count, the prosecution said that he made cash payments totalling $789,950 to one Samaila Bala without utilising a financial institution, in violation of the anti-money laundering law.
In the fourth count, the government claimed that Yisawu made cash transfers totalling $122,600 through one Rasheed Olaitan Yusuf outside of the banking system and without proper process, in violation of anti-money laundering legislation.
Iheanacho requested a trial date after the defendant entered his plea.
Wale Balogun (SAN), the defendant’s counsel, informed the court that he had submitted a bail application.
Iheanacho responded that the prosecution had filed a counter-affidavit contesting the application and requested the court to deny bail.
Balogun, on the other hand, claimed that the prosecution had previously given Yisawu administrative bail and confiscated his international passport. He urged the court to uphold the current bail conditions.
After adopting their different processes, both counsel presented their applications. In a verdict, Justice Ekwo found that the defendant was entitled to bail.
The judge said, “Going by Section 162 of the Administration of Criminal Justice Act, 2015… I therefore grant bail in the sum of ₦500m with one surety in a like sum.”
Justice Ekwo directed that the surety be a responsible Nigerian with landed property in Abuja who must provide proof of ownership to the court registrar.
The judge also ordered the defendant to deposit his international passport with the court and prohibited him from leaving Nigeria without the court’s consent.
The court ordered Yisawu to remain in the prosecution’s custody until the bail requirements were met.
The case was adjourned until October 25, 26, and 27, 2026, for trial.
