The Federal High Court in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Yisawu, in the sum of 500 million Naira following his arraignment on money laundering charges. Justice Inyang Ekwo admitted the former refinery boss to bail under strict conditions after he pleaded not guilty to an eight-count charge brought against him by the Economic and Financial Crimes Commission.
Yisawu is facing prosecution over allegations bordering on the unlawful handling and conversion of foreign currency transactions amounting to hundreds of thousands of dollars during his tenure. According to the anti-graft agency, the defendant engaged in financial transactions that directly contravened the provisions of the Money Laundering Prevention and Prohibition Act.
The prosecution alleged that between October 2023 and May 2025, Yisawu indirectly converted 789,950 dollars and made corresponding cash payments without routing the transactions through a recognized financial institution as required by law. The commission further accused him of indirectly converting an additional 122,600 dollars between February 2024 and March 2025.
After Yisawu entered a not guilty plea to all counts, the EFCC legal team requested a definitive trial date. However, the defense counsel countered by presenting a pending bail application, arguing that his client had fully cooperated with investigators and had been on administrative bail since March 25, 2025.
In his ruling, Justice Ekwo approved the bail application, mandating that Yisawu provide one surety in the like sum of 500 million Naira. The court specified that the surety must own landed property within the jurisdiction of the Federal High Court in Abuja, with the court registrar tasked to verify the authenticity of the property documents.
Additionally, Yisawu was ordered to surrender all his travel documents and is restricted from traveling outside the court's jurisdiction without prior judicial approval. The judge ruled that the defendant will remain in EFCC custody until all conditions are fully met before adjourning the case for the commencement of the trial.
