By Francis Wilfred
The Economic and Financial Crimes Commission, EFCC has arraigned the former Managing Director of Warri Refining and Petrochemical Company Ltd, Jimoh Olasunkanmi Yisawu before Justice Inyang Ekwo of the Federal High Court sitting in Abuja for alleged money laundering to the tune of N1.339 billion. According to a press statement signed by the Head Media and publicity Dele Oyewale of the EFCC, he was arraigned on Monday, July 20, 2026 on an eight-count charge of alleged money laundering.
According to one of the charges, the defendant allegedly converted a total of $789,950 between October 2023 and May 2025 in Abuja through one Samaila Bala. The prosecution alleged that the amount did not form part of Yisawu’s lawful earnings as a public officer and that he knew the funds were proceeds of unlawful activity.
In another count, the EFCC alleged that between February 2024 and March 2025 in Lagos, Yisawu indirectly converted $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures. The commission maintained that the funds were not part of his legitimate earnings and were proceeds of unlawful activities.The anti-graft agency further accused the former refinery boss of transferring N65.86 million to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills for himself. Prosecutors alleged that he reasonably ought to have known that the money represented proceeds of unlawful activity.
The offences are said to contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under the same law.The EFCC told the court that the charges stem from investigations into the financial activities of the former WRPC managing director while serving in public office.The case is expected to proceed with the prosecution presenting evidence to substantiate the allegations against the defendant. However, Yisawu is presumed innocent unless and until the charges are proven beyond reasonable doubt by the court.
The defendant pleaded not guilty to all the charges when they were read to him, prompting his counsel, Wale Balogun, SAN to pray the court to grant his client bail, promising that he will always be available in court for trial. Subsequently, EFCC’s lead counsel, Ekele Iheanacho, SAN told the court he had filed a 17- paragraph affidavit asking the court to deny the defendant bail citing the seriousness of the alleged offence.
Upon hearing the submissions of both parties, Justice Ekwo granted the defendant bail in the sum of N500 million and a surety in like sum. He said the surety must be a responsible citizen and owner of landed property within the jurisdiction of the court. He directed the court registrar to verify the property and ensure the deposit of the original papers of the property with the court.
Justice Ekwo also ruled that the defendant should deposit his international passport with the court and ensure that he does not travel out of the jurisdiction of the court without the prior permission of the court. He held that the ddefendant should remain in the custody of the EFCC, pending the time he meets the bail conditions.The case was adjourned to 26, 27 and 28 of October 2026.
