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From Sola Ojo, Abuja
The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over an alleged N1.339 billion money laundering scheme.
Yisawu was arraigned before Justice Inyang Ekwo on an eight-count charge bordering on alleged money laundering involving cash and foreign currency transactions said to be proceeds of unlawful activities.
He pleaded not guilty to all the charges.
One of the counts alleged that between October 2023 and May 2025, Yisawu indirectly converted $789,950 through one Samaila Bala, funds the EFCC alleged were not part of his legitimate earnings as a public officer with the Nigerian National Petroleum Company Limited (NNPCL).
Another count accused him of indirectly converting $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures between February 2024 and March 2025.
The anti-graft agency further alleged that on February 21, 2024, Yisawu transferred N65.86 million to Cordros Securities Limited for the purchase of treasury bills, knowing or reasonably expected to know that the funds were proceeds of unlawful activity.
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Following his plea, defence counsel, Wale Balogun (SAN), urged the court to admit his client to bail, assuring the court that he would not abscond.
However, EFCC lead counsel, Ekele Iheanacho (SAN), opposed the application, relying on a 17-paragraph affidavit and arguing that the seriousness of the allegations justified denying bail.
After hearing both parties, Justice Ekwo admitted Yisawu to bail in the sum of N500 million with one surety in like sum.
The court ruled that the surety must be a responsible citizen with landed property within the court’s jurisdiction. The registrar was directed to verify the property and ensure that the original title documents are deposited with the court.
Justice Ekwo also ordered the defendant 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, Yisawu was ordered to remain in the custody of the EFCC.
The case was adjourned to October 26, 27 and 28, 2026, for the commencement of trial.
