Former Warri Refinery MD Granted ₦500m Bail in Money Laundering Case

The Federal High Court sitting in Abuja has granted bail of ₦500 million to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing an eight-count money laundering charge filed by the Economic and Financial Crimes Commission (EFCC).

Yisawu pleaded not guilty to the charges, which allege that he indirectly converted more than $789,950 in proceeds of unlawful activity and made cash payments exceeding the same amount without using a financial institution.

The EFCC also alleged that the defendant made cash payments totalling $122,600 through one Rasheed Olaitan Yusuf without recourse to a financial institution, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

Following his plea, his lawyer, Wale Balogun, SAN, urged the court to grant him bail, noting that the EFCC had previously granted him administrative bail after seizing his international passport.

The prosecution opposed the application, urging the court to consider the EFCC’s counter-affidavit challenging the defendant’s release.

In his ruling, Justice Inyang Ekwo held that Yisawu was entitled to bail, noting that the offences were bailable. The court consequently granted him bail in the sum of ₦500 million with one surety in like sum.

The surety, the court ruled, must be a responsible Nigerian with landed property in Abuja and must provide proof of ownership. Yisawu was also ordered to surrender his international passport and barred from travelling outside the country without the court’s permission.

Pending the perfection of his bail conditions, the court ordered that he remain in EFCC custody.

The case was adjourned to October 25, 26 and 27 for trial.