A Federal High Court in Abuja has granted Jimoh Yisawu, former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), bail in the sum of ₦500 million after he was arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged money laundering.
Gatekeepers News reports that Yisawu was brought before Justice Inyang Ekwo on an eight-count charge bordering on alleged money laundering but pleaded not guilty to all the charges.
The EFCC accused the former refinery boss of laundering funds believed to be proceeds of unlawful activities and carrying out large cash transactions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022. According to the anti-graft agency, Yisawu allegedly converted $789,950 through a third party and also made cash payments amounting to the same sum outside recognised financial institutions between October 2023 and May 2025.
In his ruling, Justice Ekwo admitted Yisawu to bail in the sum of ₦500 million with two sureties in like sum. The court ordered that the sureties must own landed property within Abuja and satisfy other conditions set by the court. Pending the fulfilment of the bail conditions, the former refinery chief is to remain in the custody of the Kuje Correctional Centre.
The case was subsequently adjourned to October 12 to 14, 2026, for the commencement of trial. Yisawu’s prosecution is part of the EFCC’s broader investigation into the management of funds released for the rehabilitation and turnaround maintenance of Nigeria’s state-owned refineries.
