The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, before the Federal High Court in Abuja over alleged money laundering.
Yisawu was docked before Justice Inyang Ekwo on eight counts of alleged laundering of public funds during his tenure as managing director of the refinery.
He pleaded not guilty to all the charges.
Following his plea, EFCC counsel, Ekele Iheanacho (SAN), urged the court to fix a date for the commencement of trial.
Defence counsel, Wale Balogun (SAN), thereafter moved a bail application on behalf of the defendant after obtaining the court’s permission.
Although the prosecution opposed the application, Justice Ekwo granted bail, holding that the offences were bailable.
The court admitted Yisawu to bail in the sum of N500 million with one surety in like amount.
Justice Ekwo ruled that the surety must be a responsible Nigerian with landed property within the court’s jurisdiction, adding that all property documents would be subject to verification.
The judge also directed the defendant to surrender his international passport to the court and barred him from travelling outside the court’s jurisdiction without prior approval.
Pending the fulfilment of the bail conditions, the court ordered that Yisawu be remanded in the custody of the EFCC.
The matter was adjourned until Oct. 25, Oct. 26 and Oct. 27 for the commencement of trial.
According to the EFCC, Yisawu is facing prosecution over alleged money laundering offences committed while serving as Managing Director of Warri Refining and Petrochemical Company Limited and as a former official of the Nigerian National Petroleum Company Limited (NNPCL).
In the charge marked FHC/ABJ/CR/361/2026, filed on June 22 by EFCC counsel Ekele Iheanacho (SAN), the anti-graft agency alleged that Yisawu diverted public funds and used part of the proceeds to purchase treasury bills for his personal benefit.
The commission said the alleged offences contravene Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act.
