Alleged money laundering: Ex-Warri Refinery MD Yisawu gets N500m bail

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Yisawu

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By Ikechukwu Nnochiri

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The Federal High Court sitting in Abuja, on Monday, granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, to the tune of N500 million.

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The ruling came after the defendant pleaded not guilty to an eight-count money-laundering charge preferred by the Economic and Financial Crimes Commission (EFCC) against him.

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The defendant was arraigned on the charge, marked FHC/ABJ/CR/361/2026, alleging that he committed offences contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.

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According to the EFCC, he indirectly converted the aggregate sum of over $789,950, being proceeds of unlawful activity, thereby acting in breach of Section 18(2)(b) and punishable under Section 18(3) of the Act.

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He was further alleged to have made cash payments exceeding $789,950 to one Samaila Bala without using a financial institution, contrary to provisions of the anti-money laundering law.

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Furthermore, the anti-graft agency told the court that the defendant made cash payments totalling $122,600 through one Rasheed Olaitan Yusuf, without recourse to any financial institution.

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Following the defendant’s plea, his lawyer, Mr. Wale Balogun, SAN, urged the court to release him on bail pending the determination of the case.

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The defence lawyer told the court that the EFCC had earlier granted his client administrative bail after it seized his international passport.

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He urged the court to adopt the same bail terms and allow his client to go home and prepare for his trial.

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However, the prosecution counsel, Mr. Ekele Iheanacho, SAN, opposed the bail application.

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Iheanacho, SAN, urged the court to consider a counter-affidavit the anti-graft agency filed to challenge the release of the defendant on bail.

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In his ruling, Justice Inyang Ekwo held that the defendant was entitled to bail.
He noted that the charge contained bailable offences.

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Consequently, relying on Section 162 of the Administration of Criminal Justice Act (ACJA), 2015, the court granted the defendant bail in the sum of N500 million, with one surety in like sum.

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The court stressed that the surety must be a responsible Nigerian with landed property in Abuja who must tender proof of ownership of the said property.

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Aside from directing the defendant to surrender his international passport, Justice Ekwo also barred him from travelling outside the country without permission.

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Pending the perfection of the bail conditions, the court held that the defendant should be remanded in EFCC custody.

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The case was subsequently adjourned to October 25, 26, and 27 for trial.

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