Ex-Warri refinery MD granted N500m bail on money laundering charges

The Federal High Court in Abuja has granted bail totaling ₦500 million to Jimoh Yisawu, the former Managing Director of the Warri Refining and Petrochemical Company Limited. Yisawu is currently on trial for eight counts of alleged money laundering.

Before Justice Inyang Ekwo, Yisawu pleaded not guilty to all charges. The Federal Government, represented by Ekele Iheanacho (SAN), brought the charges, alleging offenses contrary to the Money Laundering (Prevention and Prohibition) Act of 2022. Specific counts include the alleged indirect conversion of over $789,950 derived from unlawful activities and making cash payments exceeding $789,950 to an individual named Samaila Bala without involving a financial institution.

Further allegations state that Yisawu made cash payments totaling $122,600 through another individual, Rasheed Olaitan Yusuf, circumventing the banking system and due process. The prosecution sought a trial date, while Yisawu's counsel, Wale Balogun (SAN), argued for bail, citing administrative bail previously granted and the seizure of his international passport.

In his ruling, Justice Ekwo affirmed Yisawu's entitlement to bail, stipulating that he must provide one surety with landed property in Abuja and deposit his international passport with the court. He is also prohibited from traveling outside Nigeria without court permission. Yisawu will remain in the custody of the prosecution pending the fulfillment of these bail conditions. The trial has been adjourned to October 25-27, 2026.