Court Grants Ex-Warri Refinery MD ₦500m Bail in Alleged $789,950 Money Laundering Case

A 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, Jimoh Yisawu, who is standing trial over an alleged $789,950 money laundering case.

Yisawu was arraigned before Justice Inyang Ekwo on an eight-count charge bordering on alleged money laundering. He pleaded not guilty to all the charges after they were read in court.

The charges, filed on June 22, 2026, were instituted by the Federal Government, which accused the former refinery boss of violating provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

Prosecuting counsel, Ekele Iheanacho (SAN), told the court that Yisawu allegedly converted proceeds of unlawful activities amounting to more than $789,950, an offence said to contravene Section 18(2)(b) of the Act and punishable under Section 18(3).

The prosecution further alleged that the defendant made cash payments exceeding $789,950 to one Samaila Bala without passing through a financial institution, while another count accused him of making additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system, contrary to Nigeria’s anti-money laundering laws.

Following the defendant’s plea, the prosecution requested the court to fix a date for trial.

Defence counsel, Wale Balogun (SAN), urged the court to grant his client bail, noting that Yisawu had previously been granted administrative bail by the prosecution and had already surrendered his international passport. He appealed to the court to retain the existing bail conditions.

The prosecution opposed the application, informing the court that it had filed a counter-affidavit challenging the request.

In his ruling, Justice Ekwo granted Yisawu bail in the sum of ₦500 million with one surety in like sum.

The court held that the surety must be a responsible Nigerian who owns landed property in Abuja and must present proof of ownership to the court registrar. The judge also ordered the defendant to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior court approval.

Justice Ekwo further directed that Yisawu should remain in the custody of the prosecution until all the bail conditions are met.

The matter was adjourned until October 26, 27 and 28, 2026, for the commencement of trial.