Former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, has been granted ₦500 million bail by the Federal High Court in Abuja after pleading not guilty to an eight-count charge of alleged money laundering brought against him by the Federal Government.
Key Highlights:
- Federal High Court grants Jimoh Yisawu ₦500 million bail.
- Former Warri Refinery MD pleads not guilty to eight money laundering charges.
- Federal Government alleges unlawful cash transactions exceeding $789,950.
- Court orders Yisawu to provide one surety with landed property in Abuja.
- Defendant barred from travelling abroad without court approval.
- Trial to continue after bail conditions are met.
Justice Inyang Ekwo granted the bail on Monday after hearing arguments from both the prosecution and the defence.
Yisawu, the sole defendant in Charge No. FHC/ABJ/CR/361/2026, pleaded not guilty to all eight counts after they were read before the court.
The charges, filed on June 22, 2026, accuse the former refinery boss of offences under the Money Laundering (Prevention and Prohibition) Act, 2022.
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Lead prosecuting counsel, Ekele Iheanacho (SAN), told the court that Yisawu allegedly engaged in multiple unlawful financial transactions involving proceeds of crime.
According to the first count, the Federal Government alleged that the defendant indirectly converted more than $789,950, said to be proceeds of unlawful activities, contrary to Section 18(2)(b) of the Act and punishable under Section 18(3).
The prosecution further alleged that Yisawu made cash payments exceeding $789,950 to one Samaila Bala without routing the funds through a financial institution, in violation of Nigeria’s anti-money laundering laws.
Another count alleged that he paid $122,600 in cash through one Rasheed Olaitan Yusuf,
outside the banking system and due process.
Following the defendant’s plea, the prosecution requested the court to fix a date for trial.
Defence counsel, Wale Balogun (SAN), informed the court that an application for bail had already been filed, arguing that the prosecution had previously granted his client administrative bail and had seized his international passport.
However, the prosecution opposed the application through a counter-affidavit, urging the court to deny bail.
In his ruling, Justice Ekwo held that the defendant was entitled to bail under the provisions of the Administration of Criminal Justice Act (ACJA), 2015.
The court granted Yisawu bail in the sum of ₦500 million with one surety in like sum.
Justice Ekwo ordered that the surety must be a responsible Nigerian who owns landed property within Abuja and must present proof of ownership to the court registrar.
The judge also directed Yisawu to deposit his international passport with the court and ruled that he must not travel outside Nigeria without prior approval of the court.
Pending the fulfilment of the bail conditions, the court ordered that the former Warri Refinery Managing Director remain in the custody of the prosecution.
