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Court grants ex-Warri Refinery MD Jimoh Yisawu ₦500m bail over alleged money laundering
The Federal High Court in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Yisawu, in the sum of ₦500 million following his arraignment by the Economic and Financial Crimes Commission (EFCC) on alleged money laundering charges.
Yisawu, who was arraigned on an eight-count charge, pleaded not guilty to all the allegations.
According to the EFCC, Yisawu allegedly converted $789,950 between October 2023 and May 2025, and also made cash payments amounting to the same sum outside the banking system, contrary to the Money Laundering (Prevention and Prohibition) Act. The commission further alleged that he indirectly converted an additional $122,600 between February 2024 and March 2025.
The allegations remain those of the EFCC, and Yisawu has denied all the charges.
Justice Inyang Ekwo granted the defendant bail in the sum of ₦500 million with one surety in like sum. The surety must own landed property within the court’s jurisdiction, subject to verification by the court registrar.
The court also 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, Justice Ekwo directed that Yisawu remain in the custody of the EFCC.
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