Former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Olasunkanmi Yisawu, has been arraigned by the Economic and Financial Crimes Commission (EFCC) before the Federal High Court in Abuja over an alleged N1.339 billion money laundering scheme.
According to an official signed statement by the Head of Media and Publicity of the EFCC, Dele Oyewale, Yisawu was arraigned on Monday before Justice Inyang Ekwo on an eight-count charge bordering on alleged money laundering.
The anti-graft agency alleged that the former refinery boss illegally converted and transferred proceeds of unlawful activities amounting to N1.339 billion through various channels between October 2023 and May 2025.
One of the charges alleged that Yisawu indirectly converted $789,950 through one Samaila Bala, an amount the EFCC said did not form part of his lawful earnings as a former official of the Nigerian National Petroleum Company Limited (formerly the Nigerian National Petroleum Corporation). The commission further alleged that he knew the funds were proceeds of unlawful activity, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count accused him of indirectly converting $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures between February 2024 and March 2025. The EFCC also alleged that on February 21, 2024, he transferred N65.86 million to Cordros Securities Limited for the purchase of treasury bills, despite allegedly knowing the funds were proceeds of unlawful activity.
Yisawu pleaded not guilty to all eight counts when they were read in court.
Following his plea, defence counsel, Wale Balogun, SAN, urged the court to grant his client bail, assuring the court that the defendant would always be available to stand trial.
However, EFCC lead counsel, Ekele Iheanacho, SAN, opposed the application, informing the court that the prosecution had filed a 17-paragraph affidavit urging the court to deny 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 sum.
The judge ruled that the surety must be a responsible citizen and owner of landed property within the court’s jurisdiction. He also directed the court registrar to verify the property and retain the original title documents.
In addition, the court ordered Yisawu to surrender his international passport and barred him from travelling outside the court’s jurisdiction without prior approval. Pending the fulfilment of the bail conditions, the defendant was ordered to remain in the custody of the EFCC.
The matter was adjourned to October 26, 27 and 28, 2026, for the commencement of trial.
