The Federal High Court in Abuja has granted Jimoh Yisawu bail in the sum of N500 million after the former Managing Director of the Warri Refining and Petrochemical Company Limited pleaded not guilty to an eight-count money laundering charge filed by the Economic and Financial Crimes Commission (EFCC).
Justice Inyang Ekwo admitted the former refinery chief to bail on Monday after hearing arguments from both the prosecution and the defence.
The court held that the offences contained in the charge were bailable and exercised its discretion under Section 162 of the Administration of Criminal Justice Act (ACJA), 2015, to grant the application. As part of the bail conditions, the court ordered Yisawu to produce one surety in like sum of N500 million. The surety must be a responsible Nigerian who owns landed property in Abuja and must provide valid proof of ownership.
Justice Ekwo also directed the defendant to surrender his international passport and barred him from travelling outside Nigeria without prior approval of the court. Pending the fulfilment of the bail conditions, the court ordered that Yisawu remain in the custody of the EFCC.
The EFCC arraigned the former Warri Refinery managing director on an eight-count charge marked FHC/ABJ/CR/361/2026, alleging violations of the Money Laundering (Prevention and Prohibition) Act, 2022. According to the anti-graft agency, Yisawu allegedly converted proceeds of unlawful activity amounting to more than $789,950, contrary to Section 18(2)(b) of the Act, an offence punishable under Section 18(3).
The commission further accused him of making cash payments exceeding $789,950 to one Samaila Bala without processing the transactions through a financial institution, as required by law. The EFCC also alleged that the defendant made additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf without using any recognised financial institution.
Following his not-guilty plea, defence counsel Wale Balogun (SAN) urged the court to grant Jimoh Yisawu bail, arguing that the EFCC had previously granted his client administrative bail after confiscating his international passport during investigations.
Balogun asked the court to adopt similar conditions, allowing the defendant to prepare adequately for his defence outside detention. However, EFCC counsel Ekele Iheanacho (SAN) opposed the application and urged the court to consider the commission’s counter-affidavit challenging the request for bail.
After granting bail, Justice Ekwo adjourned the case until October 25, 26 and 27 for the commencement of trial. The proceedings will determine the allegations brought against the former Warri Refinery Managing Director under Nigeria’s anti-money laundering laws.
