By Paul Joseph
A Federal High Court in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Olasunkanmi Yisawu, in the sum of ₦500 million following his arraignment over an alleged $789,950 money laundering case.
Yisawu, who is the sole defendant in Charge No. FHC/ABJ/CR/361/2026, pleaded not guilty to an eight-count charge before Justice Inyang Ekwo on Monday.
The Federal Government accused the former refinery boss of violating the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, alleging that he converted proceeds of unlawful activities amounting to more than $789,950.
According to the prosecution, led by Senior Advocate of Nigeria (SAN) Ekele Iheanacho, Yisawu also made cash payments exceeding $789,950 to one Samaila Bala without routing the transactions through a financial institution, contrary to the country’s anti-money laundering laws.
The government further alleged that he made additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system and due process.
Following the defendant’s plea, the prosecution requested the court to fix a date for trial.
Defence counsel, Wale Balogun (SAN), informed the court that a bail application had already been filed, noting that Yisawu had earlier been granted administrative bail by investigators and had voluntarily surrendered his international passport. He urged the court to maintain the existing bail conditions.
Although the prosecution opposed the application through a counter-affidavit, Justice Ekwo ruled that the defendant was entitled to bail under the provisions of the Administration of Criminal Justice Act.
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 with landed property in Abuja and provide proof of ownership to the court registrar.
The court also directed the defendant to deposit his international passport with the court and barred him from travelling outside Nigeria without prior judicial approval.
Pending the fulfilment of the bail conditions, Yisawu was ordered to remain in the custody of the prosecution.
The case was adjourned until October 25, 26 and 27, 2026, for the commencement of trial.
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