EFCC Arraigns Former MD Of Warri Refinery, Jimoh Olasunkanmi Yisawu For Alleged N1.339billion Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over alleged money laundering involving about N1.339billion.

Yisawu was brought before Justice Inyang Ekwo on Monday, July 20, 2026, on an eight-count charge bordering on alleged money laundering and the conversion of funds said to be proceeds of unlawful activity while serving as a public officer with the Nigerian National Petroleum Company Limited (NNPC Ltd), formerly the Nigerian National Petroleum Corporation (NNPC).

According to the anti-graft agency, the former refinery boss allegedly converted large sums of money in both foreign and local currencies through third parties and financial transactions that were allegedly inconsistent with his known lawful earnings.

Count one of the charges reads: “That you Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd between October, 2023 and May, 2025 in Abuja within the jurisdiction of this Honourable Court indirectly converted the aggregate sum of $789, 950 (Seven Hundred and Eighty Nine Thousand, Nine Hundred and Fifty United States Dollars) through Samaila Bala which amount did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $789,950 constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 18 (8) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

The EFCC further alleged in count three that the former managing director converted another $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures.

The charge states: “That you Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd between February, 2024 and March, 2025 in Lagos within the jurisdiction of this Honourable Court indirectly converted through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures the aggregate sum of $122,600 (One Hundred and Twenty Two Thousand, Six Hundred United States Dollars) which did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $122,600 constituted proceed of unlawful activity and you thereby committed an offence contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

In another count, the anti-corruption agency accused Yisawu of transferring N65.86million to Cordros Securities Limited for the purchase of treasury bills with funds allegedly suspected to be proceeds of unlawful activity.

Count six reads: “That you Jimoh Olasunkanmi Yisawu the former Managing Director of Warri Refining and Petrochemical Company Ltd on or about the 21st of February, 2024 in Lagos within the jurisdiction of this Honourable Court, indirectly transferred the sum of N65, 860, 000 (Sixty Five Million, Eight Hundred and Sixty Thousand Naira) to Cordros Securities Limited for the purchase of treasury bills for yourself when you reasonably ought to have known that the said sum constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

When the charges were read, Yisawu pleaded not guilty to all eight counts.

Following his plea, his counsel, Wale Balogun, SAN, urged the court to admit him to bail, assuring the court that the defendant would always be available to stand trial.

However, EFCC lead counsel, Ekele Iheanacho, SAN, opposed the application.

He informed the court that the commission had filed a 17-paragraph affidavit urging the court to refuse bail, citing the gravity of the alleged offences and the circumstances surrounding the case.

After listening to submissions from both the prosecution and the defence, Justice Ekwo granted the former Warri Refinery managing director bail in the sum of N500million with one surety in like sum.

The judge ruled that the surety must be a responsible citizen who owns landed property within the jurisdiction of the court.
He also directed the court registrar to verify the property and ensure that the original title documents are deposited with the court as part of the bail conditions.

The case was adjourned for the commencement of trial on a date to be determined by the court.