Ex-Warri Refinery MD Secures ₦500m Bail Over Alleged $912,000 Money Laundering Charges

The Federal High Court in Abuja has granted bail in the sum of ₦500 million to the former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Yisawu, who is facing trial over alleged money laundering offences.

Yisawu was arraigned before Justice Inyang Ekwo on Monday on an eight-count charge bordering on money laundering, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

‎The defendant, who is the sole accused in Charge No. FHC/ABJ/CR/361/2026, pleaded not guilty to all eight counts after they were read in court.

The charges, filed by the Federal Government on June 22, 2026, allege that Yisawu unlawfully handled proceeds of crime through cash transactions carried out outside the regulated financial system.

According to the prosecution, led by Ekele Iheanacho (SAN), Yisawu allegedly converted more than $789,950, said to be proceeds of unlawful activities, in violation of Section 18(2)(b) of the Money Laundering Act.

‎The prosecution also alleged that he made cash payments exceeding $789,950 to one Samaila Bala without routing the transactions through a financial institution, as required by law.

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‎In another count, the Federal Government accused the former refinery boss of making additional cash payments totalling $122,600 through Rasheed Olaitan Yusuf, allegedly bypassing the banking system and due process.

‎Following Yisawu’s plea, the prosecution applied for a trial date, while defence counsel, Wale Balogun (SAN), urged the court to grant bail, noting that his client had earlier been granted administrative bail by investigators and had already surrendered his international passport.

‎The prosecution opposed the bail request through a counter-affidavit, asking the court to refuse the application.

‎In his ruling, Justice Ekwo held that the defendant was entitled to bail under the provisions of the Administration of Criminal Justice Act (ACJA), 2015.

‎The court admitted Yisawu to bail in the sum of ₦500 million with one surety in like sum.

‎Justice Ekwo ordered that the surety must be a responsible Nigerian who owns landed property in Abuja and must provide verifiable proof of ownership to the court registrar.

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‎The judge further directed the defendant to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior court approval.

‎Pending the fulfilment of the bail conditions, Yisawu is to remain in the custody of the prosecution.

The case was adjourned until October 25, 26 and 27, 2026, for the commencement of trial.