A Federal High Court in Abuja has granted bail in the sum of ₦500 million to Jimoh Yisawu, former Managing Director of the Warri Refining and Petrochemical Company Limited.
Yisawu is standing trial on an eight-count charge bordering on alleged money laundering. He pleaded not guilty to all counts after they were read to him before Justice Inyang Ekwo.
The charge, dated and filed on June 22, 2026, was instituted by the Federal Government.
Prosecution counsel, Ekele Iheanacho (SAN), told the court that the offences were committed in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
In the first count, the government alleged that Yisawu indirectly converted the aggregate sum of over $789,950, being proceeds of unlawful activity, contrary to Section 18(2)(b) and punishable under Section 18(3) of the Act.
The second count accused him of making cash payments exceeding $789,950 to one Samaila Bala without using a financial institution, while the fourth count alleged cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system, both in violation of the anti-money laundering law.
Following the plea, Iheanacho applied for a trial date.
Defence counsel, Wale Balogun (SAN), informed the court of a pending bail application. Iheanacho opposed the application, stating that the prosecution had filed a counter-affidavit.
Balogun argued that Yisawu had earlier been granted administrative bail by the prosecution and his international passport seized, urging the court to maintain the existing terms.
After hearing arguments from both sides, Justice Ekwo granted bail to the defendant.
The judge ruled: “Going by Section 162 of the Administration of Criminal Justice Act, 2015… I therefore grant bail in the sum of ₦500m with one surety in like sum.”
Justice Ekwo ordered that the surety must be a responsible Nigerian with landed property in Abuja and must submit proof of ownership to the court registrar. The defendant was also directed to deposit his international passport with the court and barred from travelling outside Nigeria without the court’s permission.
Pending the perfection of the bail conditions, Yisawu was ordered to remain in the custody of the prosecution.
The case has been adjourned to October 26, 27, and 28, 2026, for trial.
Godfrey Eshiemoghie
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