The Economic and Financial Crimes Commission (EFCC) on Monday arraigned Mr Jimoh Yisawu, former Managing Director, Warri Refining and Petrochemical Company Ltd, on alleged money laundering.
Yisawu, who was arraigned on eight-count charge before Justice Inyang Ekwo of the Federal High Court in Abuja, pleaded not guilty to all the counts.
After his not guilty plea, the EFCC’d lawyer, Ekele Iheanacho, SAN, sought a date for the commencement of trial.
The defence lawyer, Wale Balogun, SAN, subsequently sought and obtained the court’s permission to move the defendant’s bail application.
Although Iheanacho opposed the bail application, Justice Ekwo granted it on the grounds that the alleged offences were bailable.
The judge then admitted Yisawu to a N500 million bail with a surety in like sum.
The judge said the surety must be a responsible citizen, with landed property within the court’s jurisdiction and which documents must be verified.
Justice Ekwo, who ordered Yisawu to deposit his international passport with the court, held that the defendant must not travel outside jurisdiction without the permission of the court.
The judge consequently ordered Yisawu to be remanded in the custody of the EFCC pending when he is able to perfect the bail conditions.
He adjourned the matter until Oct. 25, Oct. 26 and Oct. 27 for commencement of trial.
The News Agency of Nigeria (NAN) reports that Yisawu is being prosecuted by the anti-graft agency on allegations bordering on money laundering offences when he served as the MD of the refinery and former public worker with Nigerian National Petroleum Company Ltd (NNPCL).
The EFCC, in the charge marked: FHC/ABJ/CR/361/2026, alleged that Yisawu laundered public funds and used part of the money to purchase treasury bills for himself.
The charge, dated and filed on June 22 by Iheanacho, had Yisawu as sole defendant.
Count one alleged that Yisawu, between October 2023 and May 2025 in Abuja, indirectly converted the aggregate sum of $789, 950 US dollars through Samaila Bala which amount did not form part of his known lawful earning as a former public officer with NNPCL, formerly Nigerian National Petroleum Corporation (NNPC) and the money, being proceeds of unlawful activity.
The offence is contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count two, Yisawu was alleged to have, between October 2023 and May 2025 in Abuja, made various cash payments in excess of N5 million or its equivalent amounting in the aggregate to the sum of $789, 950 to Samaila Bala without going through financial institution.
Count three accused Yisawu of indirectly converting through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures the aggregate sum of $122, 600, between February 2024 and March 2025 in Lagos, which did not form part of your known lawful earning as a former public officer.
Count five accused the defendant of using the sum of N25, 563,000 received into his Zenith Bank Plc account number: 1003198602 and Access Bank Plc account number: 0001283432 from Jkpeez Impex Co., a contractor with subsidiary of NNPC now NNPCL, when he reasonably ought to have known that the said sum constituted proceed of unlawful activity.
In count six, Yisawu was alleged to have, on or about the Feb. 21 2024 in Lagos, indirectly transferred the sum of N65, 860, 000.00 to Cordros Securities Limited for the purchase of treasury bills for himself when he reasonably ought to have known that the said sum constituted proceed of unlawful activity.
According to the count, you thereby committed an offence contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, among other counts.