Ex-Warri refinery MD’s arraignment for money laundering stalls

The planned arraignment of Jimoh Yisawu, former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), on money laundering charges stalled Friday at the Federal High Court in Abuja. The court rescheduled the hearing for July 20, with the trial judge reportedly on an official engagement.

The Economic and Financial Crimes Commission (EFCC) has brought eight money laundering charges against Yisawu, stemming from his activities as WRPC managing director and a public officer with the Nigerian National Petroleum Company (NNPC) Limited. This development follows the recent arraignment of Ahmed Dikko, former MD of Port Harcourt Refining Company Limited (PHRC), on similar charges.

Judge Inyang Ekwo, who is also handling Dikko's case, granted him bail of N150 million with one surety and set October 12-14 for trial. These prosecutions are part of the EFCC's wider initiative to ensure accountability among former refinery officials regarding funds released for the rehabilitation and turnaround maintenance of Nigeria's refineries.

Successive governments have allocated public funds for the maintenance of state-owned refineries, despite their persistent failure to produce refined petroleum products. The EFCC accuses both Yisawu and Dikko of laundering alleged proceeds of unlawful activities, receiving payments from NNPC contractors, and conducting large cash transactions that contravene the Money Laundering (Prevention and Prohibition) Act of 2022. Investigations have led to the recovery of over N9.4 billion and $21.2 million, along with several landed properties, bringing the total cash and assets traced in the refinery probe to approximately N38.66 billion.