Former Warri Refinery MD Granted N500m Bail in Money Laundering Case

The Federal High Court in Abuja has granted bail to Jimoh Yisawu, the former Managing Director of the Warri Refining and Petrochemical Company Limited, in the sum of N500 million. This ruling follows Yisawu's plea of not guilty to an eight-count charge of money laundering brought against him by the Economic and Financial Crimes Commission (EFCC).

The charges, filed under case number FHC/ABJ/CR/361/2026, allege violations of the Money Laundering (Prevention and Prohibition) Act of 2022. Specifically, the EFCC claims that Yisawu illicitly converted proceeds totaling over $789,950 from unlawful activities, contravening Section 18(2)(b) of the Act.

In addition, the prosecution alleges that Yisawu made significant cash payments exceeding $789,950 to one Samaila Bala without the involvement of a financial institution. Further, he is accused of facilitating cash transactions totaling $122,600 through Rasheed Olaitan Yusuf, again bypassing formal banking channels.

During the bail hearing, Yisawu's attorney, Mr. Wale Balogun, SAN, requested that the court grant bail on the grounds that the EFCC had previously released his client on administrative bail, with his international passport confiscated. Balogun argued for the court to adopt similar terms for bail, allowing Yisawu to prepare for his upcoming trial.

However, the prosecution, represented by Mr. Ekele Iheanacho, SAN, opposed the bail request. Iheanacho highlighted a counter-affidavit that the EFCC had submitted to contest Yisawu's release, emphasizing the severity of the allegations against him.

In his ruling, Justice Inyang Ekwo acknowledged that the charges Yisawu faces are bailable. He referenced Section 162 of the Administration of Criminal Justice Act (ACJA) of 2015 to justify the bail grant. The court stipulated that Yisawu must provide a surety of equivalent financial standing, who must be a responsible Nigerian with verified ownership of property in Abuja.

The court further mandated that Yisawu surrender his international passport and prohibited him from traveling outside Nigeria without official permission. Until the bail conditions are fully met, Yisawu is to remain in EFCC custody.

The trial has been adjourned to October 25, 26, and 27, 2026, where further proceedings will take place. This case remains a significant focus for both the EFCC and the public, as it underscores ongoing efforts to combat corruption and financial crimes in Nigeria. 

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