The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over an alleged N1.339 billion money laundering scheme.
Yisawu was brought before Justice Inyang Ekwo on an eight-count charge bordering on alleged money laundering involving cash and foreign currency transactions said to be proceeds of unlawful activities.
He, however, pleaded not guilty to all the charges.
One of the counts alleged that between October 2023 and May 2025, Yisawu indirectly converted $789,950 through one Samaila Bala, an amount the Economic and Financial Crimes Commission (EFCC) claimed did not form part of his lawful earnings as a public officer with the Nigerian National Petroleum Company Limited (NNPCL).
Another count accused him of indirectly converting $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures between February 2024 and March 2025.
The anti-graft agency also alleged that on February 21, 2024, the former refinery boss transferred N65.86 million to Cordros Securities Limited for the purchase of Treasury bills, knowing, or reasonably expected to know, that the funds were proceeds of unlawful activity.
Following his plea, defence counsel, Wale Balogun (SAN), urged the court to admit his client to bail, assuring the court that Yisawu would not jump trial.
However, EFCC lead counsel, Ekele Iheanacho, SAN, opposed the application, relying on a 17-paragraph affidavit and arguing that the gravity of the allegations warranted the denial of bail.
After hearing both parties, Justice Ekwo granted Yisawu bail in the sum of N500 million with one surety in like sum.
The judge ruled that the surety must be a responsible citizen who owns landed property within the court’s jurisdiction.
He directed the court registrar to verify the property and ensure that the original title documents are deposited with the court.
Justice Ekwo also ordered the defendant to surrender his international passport 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 remain in the custody of the EFCC.
The matter was adjourned until October 26, 27 and 28, 2026, for the commencement of trial.
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