THE Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, before the Federal High Court in Abuja over alleged money laundering offences.
News Point Nigeria reports that Yisawu was arraigned on an eight-count charge before Justice Inyang Ekwo, where he pleaded not guilty to all the counts preferred against him by the anti-graft agency.
Read also: Court Dismisses Aisha Achimugu’s ₦10bn Suit Against EFCC
Following his plea, counsel to the EFCC, Ekele Iheanacho (SAN), asked the court to fix a date for the commencement of trial.
The defence counsel, Wale Balogun (SAN), subsequently sought and obtained the court’s permission to move his client’s bail application.
Although Iheanacho opposed the application, Justice Ekwo granted bail to the former refinery boss on the grounds that the offences against him were bailable.
The judge consequently admitted Yisawu to bail in the sum of ₦500 million with one surety in like sum.
Justice Ekwo ruled that the surety must be a responsible citizen with landed property within the jurisdiction of the court and ordered that the documents relating to the property be verified.
Read also: El-Rufai Absent As Court Orders ICPC To Produce Ex-Governor For Next Trial
The court also directed Yisawu to deposit his international passport with the court and held that he must not travel outside the court’s jurisdiction without prior approval.
Pending the perfection of the bail conditions, Justice Ekwo ordered that the defendant be remanded in the custody of the EFCC.
The matter was thereafter adjourned until October 25, October 26 and October 27 for the commencement of trial.
The News Agency of Nigeria reports that Yisawu is being prosecuted by the EFCC over allegations of money laundering during his tenure as the Managing Director of the Warri Refining and Petrochemical Company Limited and as a former employee of the Nigerian National Petroleum Company Limited.
According to the anti-graft agency, the former refinery chief allegedly laundered public funds and used part of the money to purchase treasury bills for his personal benefit.
The charge, marked FHC/ABJ/CR/361/2026, was filed before the court on June 22 by the EFCC’s lead counsel, Iheanacho.
Read also: After Losing Bail Appeal, El-Rufai Appears In Court With ADC Governorship Candidate
Yisawu is the sole defendant in the case.
The EFCC maintained that the alleged offences are contrary to Section 18(2)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
