A Federal High Court in Abuja has granted bail 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, the sole defendant in the suit marked FHC/ABJ/CR/361/2026, pleaded not guilty to an eight-count charge when it was read before Justice Inyang Ekwo on Monday.
The Federal Government, in charges filed on June 22, 2026, accused the former refinery boss of breaching provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the prosecution, led by Senior Advocate of Nigeria, Ekele Iheanacho, Yisawu allegedly converted proceeds of unlawful activities amounting to $789,950.
He was also accused of making cash payments of the same amount to one Samaila Bala without routing the transaction through a financial institution, contrary to anti-money laundering regulations.
In a separate count, the prosecution alleged that Yisawu made additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the formal banking system.
Following his arraignment, the prosecution asked the court to fix a date for trial.
Defence counsel, Wale Balogun (SAN), however, urged the court to grant bail, noting that his client had previously been granted administrative bail by investigators and had already surrendered his international passport.
Although the prosecution opposed the application, Justice Ekwo ruled that the defendant was entitled to bail under the law.
The court granted bail in the sum of ₦500 million with one surety in like sum. The surety must be a responsible Nigerian with landed property in Abuja and must provide proof of ownership to the court registrar.
The judge also ordered Yisawu to deposit his international passport with the court and barred him from travelling outside Nigeria without prior approval.
Pending the fulfilment of the bail conditions, the court directed that the defendant remain in custody.
The case was adjourned until October 25, 26, and 27, 2026, for the commencement of trial.
