The Federal High Court sitting in Abuja has admitted a former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Olasunkanmi Yisawu, to bail in the sum of ₦500 million over alleged money laundering.
Justice Inyang Ekwo granted the bail on Monday after Yisawu pleaded not guilty to an eight-count charge filed against him by the Federal Government through the Economic and Financial Crimes Commission.
The charge, marked FHC/ABJ/CR/361/2026, contains allegations that the former refinery chief converted proceeds of unlawful activities, made cash payments outside financial institutions, received funds from contractors connected to the Nigerian National Petroleum Company Limited and used part of the disputed funds to purchase treasury bills.
When the charges were read to him, Yisawu pleaded not guilty to all eight counts.
Following his plea, prosecuting counsel Ekele Iheanacho, SAN, asked the court to fix dates for the commencement of trial.
Defence counsel Wale Balogun, SAN, subsequently sought the court’s permission to move the bail application earlier filed on behalf of the defendant.
Iheanacho opposed the application and informed the court that the prosecution had filed a counter-affidavit urging it to refuse bail.
Balogun, however, argued that Yisawu had cooperated with investigators and was previously granted administrative bail during the EFCC investigation.
He added that the anti-graft agency was already in possession of Yisawu’s international passport and urged the court to allow him to continue on bail under similar conditions.
In his ruling, Justice Ekwo held that Yisawu was entitled to bail under Section 162 of the Administration of Criminal Justice Act 2015.
The judge admitted him to bail in the sum of ₦500 million with one surety in the same amount.
The surety must be a responsible Nigerian who owns landed property within Abuja and must present evidence of ownership to the court registrar for verification.
Justice Ekwo also directed Yisawu to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior permission.
The court ordered that the defendant remain in the custody of the prosecution until he satisfies the bail conditions.
The charge, dated and filed on June 22, 2026, listed Yisawu as the sole defendant.
In the first count, the EFCC alleged that Yisawu indirectly converted an aggregate sum of $789,950 through one Samaila Bala between October 2023 and May 2025.
The prosecution alleged that the money did not form part of his known lawful earnings as a former public officer with the NNPCL and that he knew or ought reasonably to have known that it represented proceeds of unlawful activity.
The alleged offence was brought under Section 18(2)(b) and is punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act 2022.
In another count, the commission accused Yisawu of making cash payments totalling $789,950 to Bala without conducting the transactions through a financial institution, contrary to the anti-money laundering law.
The EFCC further alleged that between February 2024 and March 2025, Yisawu indirectly converted another $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures.
A separate count accused him of making cash payments totalling the same amount through Yusuf outside the banking system and above the threshold permitted by law.
The commission maintained that the funds were not part of Yisawu’s known legitimate earnings and allegedly constituted proceeds of unlawful activity.
The prosecution also alleged that Yisawu used an aggregate sum of ₦25.563 million received in his Zenith Bank and Access Bank accounts from JKpeez Impex Company.
The company was described in the charge as a contractor to a subsidiary of the former Nigerian National Petroleum Corporation, now the Nigerian National Petroleum Company Limited.
The disputed payments were allegedly received between January and June 2015.
The EFCC said Yisawu knew or ought reasonably to have known that the funds constituted proceeds of unlawful activity.
The charge further accused him of retaining ₦15 million and ₦3 million allegedly paid into his Stanbic IBTC account by Olasinka Fragene Justice on behalf of Ebenco Global Link Limited, another contractor to the NNPCL.
In another count, the EFCC alleged that Yisawu transferred ₦65.86 million to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills in his name.
The commission alleged that the money used for the investment constituted proceeds of unlawful activity.
The charges arise from the EFCC’s wider investigation into the alleged diversion of funds released for the rehabilitation and turnaround maintenance of Nigeria’s government-owned refineries.
The anti-graft agency had earlier filed separate money-laundering charges against former Port Harcourt Refining Company Managing Director Ahmed Dikko in connection with the refinery investigation.
Justice Ekwo adjourned Yisawu’s case until October 25, 26 and 27, 2026, for the prosecution to call its witnesses and commence trial.
The allegations have not been proven, and Yisawu is presumed innocent unless found guilty by the court.
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