The Economic and Financial Crimes Commission has arraigned the former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Olasunkanmi Yisawu, over an alleged N1.339 billion money laundering scheme.
Yisawu was arraigned on Monday before Justice Inyang Ekwo of the Federal High Court in Abuja on an eight-count charge bordering on alleged money laundering.
According to the EFCC, the former refinery boss allegedly converted proceeds of unlawful activities, including $789,950 and $122,600, through third parties between October 2023 and May 2025. The commission alleged that the funds were beyond his known lawful earnings as a public officer with the Nigerian National Petroleum Company Limited.
The anti-graft agency also accused him of transferring N65.86 million to Cordros Securities Limited in February 2024 to purchase treasury bills with funds allegedly derived from unlawful activities.
Yisawu pleaded not guilty to all eight charges.
Following his plea, his counsel, Wale Balogun (SAN), urged the court to grant him bail, assuring the court that his client would not abscond.
However, EFCC counsel, Ekele Iheanacho (SAN), opposed the application, urging the court to deny bail because of the seriousness of the allegations.
In his ruling, Justice Ekwo admitted the defendant to bail in the sum of N500 million with one surety in like sum.
The judge ordered that the surety must be a responsible citizen who owns landed property within the court’s jurisdiction. He also directed the court registrar to verify the property and retain its original title documents.
The court further 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 court ordered that the former refinery managing director remain in EFCC custody.
The matter was adjourned until October 26, 27 and 28, 2026, for the commencement of trial.
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