EFCC arraigns ex-Warri refinery MD for money laundering

Jimoh Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Limited (WRPC), appeared before the Federal High Court in Abuja on Monday to face charges of alleged money laundering. The Economic and Financial Crimes Commission (EFCC) brought the case against him.

Mr. Yisawu entered a plea of not guilty to the charges presented. Following his plea, Justice Inyang Ekwo granted him bail in the amount of N500 million, requiring one surety. This arraignment follows an earlier attempt on July 8 that was postponed because Justice Ekwo was unavailable.

The EFCC, represented by Senior Advocate of Nigeria (SAN) Ekele Iheanacho, filed the charges on June 22. The agency alleges that Mr. Yisawu laundered proceeds from unlawful activities during his tenure as managing director, using some of the funds to purchase treasury bills.

Despite the prosecution's opposition to a bail application, defense lawyer Wale Balogun, also a SAN, successfully sought bail for Mr. Yisawu. Justice Ekwo ruled that the alleged offenses were bailable. The bail conditions include a N500 million bond with a surety who must own landed property within the court's jurisdiction, with title documents to be verified by the court registrar.

Additionally, Mr. Yisawu must surrender his international passport to the court and is prohibited from traveling outside Nigeria without permission. He was remanded in EFCC custody pending the fulfillment of bail conditions. The trial has been adjourned to October 25, 26, and 27.