The Federal High Court in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Yisawu, after he was arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged money laundering offences.
Justice Inyang Ekwo, who presided over the matter on Monday, admitted the former refinery boss to bail in the sum of ₦500 million with one surety in like sum after he pleaded not guilty to the charges preferred against him.
Yisawu was arraigned on an eight-count charge bordering on alleged money laundering.
According to the EFCC, the former managing director allegedly engaged in financial transactions that contravened the provisions of the Money Laundering (Prevention and Prohibition) Act.
The anti-graft agency alleged that between October 2023 and May 2025, Yisawu indirectly converted $789,950, an amount it claims was handled in violation of the law.
The commission further accused him of making cash payments totalling $789,950 without routing the transactions through any financial institution, as required under the Act.
In another count, the EFCC alleged that between February 2024 and March 2025, the former WRPC chief also indirectly converted an additional $122,600.
However, the allegations remain those of the prosecution, and Yisawu denied all eight counts after they were read to him in court.
Defence Seeks Bail
Following the defendant’s plea, counsel to the EFCC asked the court to fix a date for the commencement of trial.
Counsel to Yisawu, however, informed the court that a bail application had already been filed, noting that his client had remained on the administrative bail earlier granted by the EFCC since March 25, 2025.
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The defence urged the court to allow the former refinery boss to continue enjoying his liberty pending the determination of the case.
In his ruling, Justice Ekwo granted Yisawu bail in the sum of ₦500 million with one surety in the same amount.
The court directed that the surety must own landed property within the court’s jurisdiction, with the ownership documents to be verified by the court registrar.
The judge also ordered Yisawu to surrender all his international travel documents to the court and ruled that he must not travel outside the court’s jurisdiction without prior approval.
Pending the fulfilment of the bail conditions, Justice Ekwo directed that the former Warri Refining and Petrochemical Company managing director remain in the custody of the EFCC.
The case has been adjourned for the commencement of trial on a date to be communicated by the court.