A Federal High Court sitting in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, in the sum of ₦500 million as he faces trial over alleged money laundering offences.
Justice Inyang Ekwo approved the bail on Monday after Yisawu was arraigned on an eight-count charge brought against him by the Federal Government.
The former refinery boss pleaded not guilty after the charges, filed on June 22, 2026, were read before the court.
According to the prosecution, led by Ekele Iheanacho (SAN), Yisawu allegedly violated provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In the first count, the Federal Government accused him of “indirectly converted the aggregate sum of over $789,950… being proceeds of unlawful activity”, an offence said to be contrary to Section 18(2)(b) and punishable under Section 18(3) of the Act.
The prosecution also alleged in the second count that Yisawu made cash payments exceeding $789,950 to one Samaila Bala without processing the transactions through a financial institution, contrary to the provisions of Nigeria’s anti-money laundering law.
In another count, the government claimed that the former managing director paid $122,600 in cash through Rasheed Olaitan Yusuf, allegedly bypassing the banking system and due process.
Following the defendant’s plea, the prosecution requested a trial date.
Counsel to Yisawu, Wale Balogun (SAN), informed the court that a bail application had already been filed.
However, Iheanacho disclosed that the prosecution had filed a counter-affidavit opposing the application and urged the court to deny bail.
Balogun argued that the Economic and Financial Crimes Commission had earlier granted Yisawu administrative bail and had already taken custody of his international passport. He urged the court to retain the existing bail conditions.
After hearing arguments from both parties, Justice Ekwo ruled in favour of the defendant.
“Going by Section 162 of the Administration of Criminal Justice Act (2015)… I therefore grant bail in the sum of ₦500m with one surety in like sum,” the judge held.
As part of the bail conditions, the court directed that the surety must be a responsible Nigerian with landed property in Abuja and provide valid proof of ownership, subject to verification by the court registrar.
Justice Ekwo also ordered Yisawu to surrender his international passport to the court and prohibited him from travelling outside Nigeria without obtaining the court’s approval.
Pending the fulfilment of the bail conditions, the court directed that Yisawu remain in the custody of the prosecution.
The matter was adjourned until October 25, 26 and 27, 2026, for the commencement of trial.
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