A Federal High Court in Abuja on Monday granted bail to Jimoh Yisawu, former managing director of Warri Refining and Petrochemical Company Limited, after the Economic and Financial Crimes Commission arraigned him on money laundering allegations. Justice Inyang Ekwo set bail at N500 million with one surety in an equal amount.
Yisawu faced an eight-count charge and denied all the allegations levelled against him. Defence counsel Wale Balogun (SAN) moved the bail application after the former refinery boss pleaded not guilty in court.
The EFCC opposed the application, but Justice Ekwo ruled that the offences were bailable. The judge imposed strict conditions on the defendant, including a ban on international travel without court approval.
Yisawu must deposit his international passport with the court and cannot leave the judge's jurisdiction without permission. The surety, Justice Ekwo ordered, must be a responsible Nigerian who owns landed property within the court's area, subject to verification.
Until Yisawu fulfils the bail conditions, he'll remain in EFCC custody, the judge ruled. The trial will commence on October 25, 26, and 27.
The charges relate to alleged money laundering during his time leading Warri Refining and Petrochemical Company, a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL). According to prosecutors, Yisawu laundered public funds and used part of the proceeds to buy treasury bills for personal use.
The EFCC filed the eight-count charge on June 22, naming Yisawu as the sole defendant. The alleged offences violate Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, and carry penalties under Section 18(3) of the Act.
When trial opens in October, the anti-graft agency will present evidence to support the charges against him. The case is marked FHC/ABJ/CR/361/2026.
