ABUJA — The Federal High Court in Abuja has granted bail in the sum of N500 million to the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Yisawu, following his arraignment by the Economic and Financial Crimes Commission (EFCC) on alleged money laundering charges.
Justice Iyang Ekwo admitted Yisawu to bail after he pleaded not guilty to an eight-count charge bordering on the alleged unlawful handling and conversion of foreign currency transactions during his tenure as managing director.
According to the EFCC, the former refinery boss allegedly violated provisions of the Money Laundering (Prevention and Prohibition) Act by engaging in foreign currency transactions outside recognised financial institutions.
The anti-graft agency alleged that between October 2023 and May 2025, Yisawu indirectly converted $789,950 and made cash payments amounting to the same sum without routing the transactions through financial institutions as required by law.
The commission further alleged that between February 2024 and March 2025, he also indirectly converted an additional $122,600.
When the charges were read in court, Yisawu denied all allegations and entered a plea of not guilty.
Following the arraignment, EFCC counsel urged the court to fix a date for trial, while the defence applied for bail, arguing that the defendant had cooperated with investigators throughout the investigation and had remained on administrative bail granted by the EFCC since March 25, 2025.
After hearing both parties, Justice Ekwo granted the bail application on strict conditions.
The court ordered that Yisawu must produce one surety in the like sum of N500 million. The surety must own landed property within the jurisdiction of the Federal High Court in Abuja, with the court registrar directed to verify the property’s ownership and authenticity.
The judge also ordered the former WRPC managing director to surrender all his travel documents 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.
The case was subsequently adjourned for the commencement of trial, during which the EFCC is expected to present witnesses and documentary evidence in support of the charges.
— TRACKNEWS ONLINE
