The Economic and Financial Crimes Commission (EFCC) has arraigned Jimoh Yisawu, former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), before a Federal High Court in Abuja on an eight-count charge of alleged money laundering.
Yisawu pleaded not guilty to the charges when they were read before Justice Inyang Ekwo on Monday.
After the defendant entered his plea, Ekele Iheanacho, counsel to the federal government, asked the court to fix a date for the commencement of trial.
Wale Balogun, counsel to Yisawu, informed the court that he had filed a bail application on behalf of his client.
Although the prosecution opposed the application, Balogun argued that Yisawu had been granted administrative bail during the investigation and had already surrendered his international passport. He urged the court to retain those conditions.
In a ruling, Justice Ekwo held that the defendant was entitled to bail under the provisions of the Administration of Criminal Justice Act (ACJA), 2015.
The judge 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 present evidence of ownership to the court registrar.
The judge also directed the defendant to deposit his international passport with the court and prohibited him from travelling outside Nigeria without the court’s approval.
Pending the fulfilment of the bail conditions, Justice Ekwo ordered that Yisawu remain in the custody of the prosecution.
The matter was adjourned until October 25, 26 and 27 for trial.
According to the charge marked FHC/ABJ/CR/361/2026, the federal government accused the former WRPC Managing Director of laundering proceeds of unlawful activities.
One of the counts alleges that Yisawu indirectly converted more than $789,950, said to be proceeds of unlawful activity, contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution also alleged that he made cash payments exceeding $789,950 to one Samaila Bala without routing the funds through a financial institution, contrary to the provisions of the Act.
In another count, the government alleged that Yisawu made additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system, in breach of the anti-money laundering law.
The commission alleged that Yisawu converted $789,950 through an associate between October 2023 and May 2025 and made cash payments outside the threshold permitted by law.
The charges are part of the EFCC’s ongoing investigation into the alleged diversion of funds approved for the rehabilitation and turnaround maintenance of Nigeria’s refineries.
