A federal high court in Abuja granted N500 million bail to Jimoh Yisawu, former managing director of Warri Refining and Petrochemical Company Limited, on Monday. The ruling came after Yisawu pleaded not guilty to eight counts of money laundering brought by the Economic and Financial Crimes Commission.
The EFCC accused Yisawu of indirectly converting over $789,950 in proceeds from unlawful activity, breaching the Money Laundering (Prevention and Prohibition) Act, 2022. He allegedly made cash payments exceeding $789,950 to Samaila Bala without routing funds through any financial institution.
According to the anti-graft agency, Yisawu also transferred $122,600 through Rasheed Olaitan Yusuf using cash rather than banking channels. The case, marked FHC/ABJ/CR/361/2026, alleged violations of Section 18(2)(b) of the money laundering law.
Yisawu's lawyer, Wale Balogun (SAN), asked the court to release his client on bail while the case proceeds. Balogun told the judge that the EFCC had already granted his client administrative bail after seizing his international passport.
"He should be allowed to go home and prepare for trial," Balogun urged the court. The defence counsel requested the court adopt similar bail terms to those already set by the anti-graft agency.
However, prosecution counsel Ekele Iheanacho (SAN) opposed the bail application. Iheanacho pressed the court to consider a counter-affidavit filed by the EFCC challenging Yisawu's release.
Justice Inyang Ekwo ruled that Yisawu deserved bail since the charges were bailable offences. The judge invoked Section 162 of the Administration of Criminal Justice Act (ACJA), 2015, to grant the bail.
The court set bail at N500 million with one surety required to post an identical sum. Justice Ekwo stipulated that the surety must be a responsible Nigerian with landed property in Abuja and must provide proof of ownership.
Yisawu must surrender his international passport and cannot leave the country without court permission, the judge ordered. He remains in EFCC custody until he satisfies all bail conditions.
The trial is scheduled for October 25, 26, and 27.
