A Federal High Court in Abuja has granted bail in the sum of ₦500 million to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing trial over alleged money laundering.
Yisawu was arraigned before Justice Inyang Ekwo on an eight-count charge filed by the Federal Government, bordering on alleged money laundering offences under the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, the defendant pleaded not guilty to all eight counts after they were read in court.
The charges, dated and filed on June 22, 2026, allege that Yisawu engaged in the conversion and transfer of proceeds of unlawful activities in violation of the anti-money laundering law.
According to the prosecution, led by Senior Advocate of Nigeria (SAN), Ekele Iheanacho, the former refinery boss allegedly converted more than $789,950, described as proceeds of unlawful activity, contrary to Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The government also accused him of making cash payments exceeding $789,950 to one Samaila Bala without routing the transactions through a financial institution. In another count, Yisawu was alleged to have made additional cash payments amounting to $122,600 through one Rasheed Olaitan Yusuf outside the banking system, contrary to the provisions of the Act.
Following the defendant’s plea, the prosecution requested the court to fix a date for trial.
Counsel to the defendant, Wale Balogun (SAN), subsequently moved a pending bail application, urging the court to retain the administrative bail conditions earlier granted by the prosecution, noting that Yisawu had complied with the terms and had already surrendered his international passport.
The prosecution opposed the application, informing the court that it had filed a counter-affidavit challenging the request for bail.
After hearing arguments from both parties, Justice Ekwo granted bail to the defendant in the sum of ₦500 million with one surety in like sum.
The judge ruled that the surety must be a responsible Nigerian who owns landed property within Abuja and must provide evidence of ownership to the court registrar.
Justice Ekwo also directed Yisawu to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior approval of the court.
Pending the fulfilment of the bail conditions, the court ordered that the defendant remain in the custody of the prosecution.
The matter was adjourned until October 26, 27 and 28, 2026, for the commencement of trial.
