The Economic and Financial Crimes Commission on Monday arraigned Jimoh Yisawu, former managing director of the Warri Refining and Petrochemical Company, on money-laundering charges.
Mr Yisawu, who was arraigned on eight counts before Justice Inyang Ekwo of the Federal High Court, Abuja Division, pleaded not guilty to all counts.
After pleading not guilty, EFCC’s counsel, Ekele Iheanacho, sought a date to commence the trial.
The defence’s counsel, Wale Balogun, then sought and obtained the court’s permission to move the defendant’s bail application.
Although Mr Iheanacho opposed the bail application, Mr Ekwo granted it on the grounds that the alleged offences were bailable. Mr Yisawu was admitted to N500 million bail with one surety in like sum.
The surety must be a responsible citizen with landed property within the court’s jurisdiction, and the documents must be verified.
Mr Ekwo, who ordered Mr Yisawu to deposit his international passport with the court, held that the defendant must not travel outside the court’s jurisdiction without the court’s permission.
The judge consequently ordered Yisawu to be remanded in EFCC custody until he is able to perfect the bail conditions.
He adjourned the matter until October 25, 26 and 27 for commencement of trial.
Mr Yisawu is being prosecuted by the anti-graft agency on allegations of money laundering while serving as MD of the refinery and as a former public worker with the Nigerian National Petroleum Company.
The EFCC, in the charge marked FHC/ABJ/CR/361/2026, alleged that Mr Yisawu laundered public funds and used part of the money to purchase treasury bills for himself.
The charge, dated and filed on June 22 by Mr Iheanacho, had Mr Yisawu as the sole defendant.
The offence is contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
(NAN)