The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Managing Director of the Warri Refining and Petrochemical Company Ltd, Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over an alleged N1.339 billion money laundering scheme.
Yisawu was docked before Justice Inyang Ekwo on an eight-count charge bordering on alleged money laundering involving large sums of foreign currency and naira believed to be proceeds of unlawful activities.
According to the EFCC, the former refinery boss allegedly laundered funds between October 2023 and May 2025 through proxies and financial transactions that exceeded his legitimate earnings as a public officer with the Nigerian National Petroleum Company Limited (NNPCL).
The anti-graft agency alleged that Yisawu indirectly converted $789,950 through one Samaila Bala, knowing the funds were proceeds of unlawful activity, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The Commission further alleged that between February 2024 and March 2025, the defendant channelled another $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures in transactions also suspected to involve illicit proceeds.
In another count, the EFCC accused the former managing director of transferring N65.86 million to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills, despite allegedly knowing that the funds were derived from unlawful activities.
Yisawu pleaded not guilty to all eight counts when they were read in court.
Following his plea, his counsel, Wale Balogun (SAN), urged the court to admit his client to bail, assuring the court that the defendant would not abscond and would be available throughout the trial.
However, EFCC lead counsel, Ekele Iheanacho (SAN), opposed the application, relying on a 17-paragraph affidavit in which the Commission urged the court to refuse bail, citing the gravity of the allegations.
After listening to both parties, Justice Ekwo granted the defendant bail in the sum of N500 million with one surety in like amount.
The judge ruled that the surety must be a responsible citizen who owns landed property within the jurisdiction of the court. He directed the court registrar to verify the property and retain the original title documents.
Justice Ekwo also ordered Yisawu to surrender his international passport to the court and barred him from travelling outside the court’s jurisdiction without prior judicial approval.
Pending the fulfilment of the bail conditions, the court ordered that the former refinery chief remain in the custody of the EFCC.
The matter was adjourned to October 26, 27 and 28, 2026, for the commencement of trial.
