A Federal High Court in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, following his arraignment by the Economic and Financial Crimes Commission (EFCC) over an alleged ₦1.34 billion money laundering case.
Justice Inyang Ekwo admitted the former refinery chief to bail in the sum of ₦500 million with one surety in like sum after Yisawu pleaded not guilty to an eight-count charge brought against him by the anti-graft agency.
The court ruled that the surety must be a responsible citizen who owns landed property within the court's jurisdiction. Justice Ekwo also directed the court registrar to verify the property and retain the original title documents. In addition, the defendant was ordered to surrender his international passport and was barred from travelling outside the court's jurisdiction without prior approval. Pending the fulfilment of the bail conditions, Yisawu will remain in EFCC custody.
The charges stem from alleged financial transactions carried out between 2023 and 2025 while Yisawu served as a public officer with the Nigerian National Petroleum Company Limited (NNPCL).
According to the EFCC, Yisawu allegedly converted funds that did not form part of his known lawful earnings through a series of transactions conducted by third parties.
One of the counts alleges that between October 2023 and May 2025, the former refinery boss indirectly converted $789,950 through one Samaila Bala, knowing the funds were proceeds of unlawful activity, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another charge alleges that between February 2024 and March 2025, he indirectly converted an additional $122,600through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures, with the commission alleging that the funds also constituted proceeds of unlawful activity.
The EFCC further accused Yisawu of transferring ₦65.86 million to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills, alleging that he reasonably ought to have known the money originated from unlawful activity.
Following the defendant's plea, his counsel, Wale Balogun (SAN), urged the court to grant bail, assuring the court that Yisawu would always be available to stand trial.
However, EFCC lead counsel, Ekele Iheanacho (SAN), opposed the application, relying on a 17-paragraph affidavit in which the commission asked the court to refuse bail, citing the seriousness of the allegations.
After hearing both parties, Justice Ekwo granted the bail application subject to the stated conditions and adjourned the matter to October 26, 27 and 28, 2026, for the commencement of trial.
The arraignment comes amid continued anti-corruption prosecutions involving former public officials and executives of government-owned institutions accused of money laundering and other financial crimes. Earlier this month, the EFCC arraigned the National President of Miyetti Allah Kautal Hore, Bello Abdullahi Bodejo, before the same court on a 12-count charge involving an alleged $2.33 million money laundering offence, in a separate case that also includes allegations of terrorism financing.