The Federal High Court in Abuja has granted bail of ₦500m to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing trial on charges of alleged money laundering.
Yisawu, the sole defendant in an eight-count charge filed by the Federal Government, pleaded not guilty to all counts when he was arraigned before Justice Inyang Ekwo on Monday.
The charges, filed on 22 June 2026, accuse the former refinery chief of offences under the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the prosecution, led by Ekele Iheanacho (SAN), Yisawu allegedly converted more than $789,950 said to be proceeds of unlawful activity, in breach of Section 18(2)(b) of the Act, an offence punishable under Section 18(3).
The Federal Government further alleged that he made cash payments exceeding $789,950 to one Samaila Bala outside the formal banking system, contrary to anti-money laundering regulations.
In another count, prosecutors accused Yisawu of making additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf without routing the transactions through financial institutions, alleging that the payments violated statutory financial reporting requirements.
Following the defendant’s plea, the prosecution asked the court to fix a date for trial.
Defence counsel, Wale Balogun (SAN), informed the court that a bail application had already been filed, arguing that his client had previously been granted administrative bail by investigators and had surrendered his international passport.
The prosecution opposed the application, relying on a counter-affidavit urging the court to refuse bail.
After hearing submissions from both sides, Justice Ekwo ruled that Yisawu was entitled to bail under the Administration of Criminal Justice Act, 2015.
The court admitted the defendant to bail in the sum of ₦500m with one surety in like amount.
Justice Ekwo ordered that the surety must be a responsible Nigerian who owns landed property in Abuja and must present proof of ownership to the court registrar for verification.
The judge also directed Yisawu to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior judicial approval.
Pending the fulfilment of the bail conditions, the court ordered that the former refinery chief remain in the custody of the prosecution.
The trial was adjourned until 25, 26 and 27 October 2026.
