Former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Yisawu, has been granted bail in the sum of N500 million by the Federal High Court in Abuja following his arraignment on alleged money laundering charges filed against him by the Economic and Financial Crimes Commission (EFCC).
Justice Iyang Ekwo, who presided over the matter, admitted the former refinery boss to bail on strict conditions after he pleaded not guilty to an eight-count charge brought against him by the anti-graft agency.
Yisawu was brought before the court over allegations bordering on the unlawful handling and conversion of foreign currency transactions amounting to hundreds of thousands of dollars during his time in office.
During the proceedings, the EFCC informed the court that the defendant allegedly engaged in transactions that contravened provisions of the Money Laundering (Prevention and Prohibition) Act.
According to the charges, the commission alleged that between October 2023 and May 2025, Yisawu indirectly converted the sum of $789,950.
The anti-graft agency further accused him of making cash payments totalling the same amount without passing the transactions through a recognised financial institution as required by law.
The commission also alleged in another count that between February 2024 and March 2025, the former managing director indirectly converted an additional $122,600.
When the charges were read before the court, Yisawu denied all allegations and entered a not guilty plea.
Following his plea, counsel to the EFCC requested that the court fix a date for trial to enable the prosecution present its case.
However, the defence team immediately drew the court’s attention to a pending bail application filed on behalf of the defendant.
Counsel for Yisawu argued that his client had been cooperating with investigators and had remained available throughout the investigation process.
The lawyer also reminded the court that the former refinery chief had been enjoying administrative bail granted by the EFCC since March 25, 2025.
He urged the court to allow the defendant continue on bail pending the determination of the case.
After listening to submissions from both parties, Justice Ekwo granted the application and admitted Yisawu to bail in the sum of N500 million.
The judge ruled that the defendant must provide one surety in like sum. The surety, according to the court, must own landed property within the jurisdiction of the Federal High Court in Abuja.
Justice Ekwo further directed that the court registrar must verify the ownership and authenticity of the property before the bail conditions can be deemed fulfilled.
As part of the conditions attached to the bail, the court ordered Yisawu to surrender all his travel documents. The former refinery boss was also barred from travelling outside the jurisdiction of the court without obtaining prior approval.
The judge added that the defendant would remain in the custody of the EFCC until all bail conditions are fully met.
However, the matter was subsequently adjourned for further proceedings, with the prosecution expected to present witnesses and documentary evidence when the trial commences.
