The Federal High Court in Abuja has granted bail of ₦500 million to the former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing an eight-count charge linked to alleged money laundering.
Yisawu appeared before Justice Inyang Ekwo on Monday and pleaded not guilty to all the charges filed against him by the Federal Government.
The case, marked FHC/ABJ/CR/361/2026, was filed on June 22, 2026, with the prosecution accusing the former refinery boss of offences under the Money Laundering (Prevention and Prohibition) Act, 2022.
The government alleged that Yisawu was involved in the conversion of over $789,950 said to be proceeds of unlawful activity. It also accused him of making cash payments above the legal limit to individuals without using financial institutions as required by law.
Another count alleged that he made payments totalling $122,600 through another person outside the banking system and without following due process.
After Yisawu entered his plea, prosecution counsel, Ekele Iheanacho (SAN), requested that the court fix dates for trial. However, the defendant’s lawyer, Wale Balogun (SAN), informed the court that he had filed a bail application.
The prosecution opposed the request, asking the court to reject the application, but the defence argued that Yisawu had earlier been granted administrative bail and that his international passport had already been seized.
Justice Ekwo, after hearing arguments from both sides, ruled that the former managing director should be granted bail under conditions.
The court ordered Yisawu to provide one surety with landed property in Abuja valued at the bail amount. The surety must submit proof of ownership to the court registrar.
The judge also directed Yisawu to surrender his international passport and prohibited him from travelling outside Nigeria without the court’s approval.
Until he meets the bail requirements, the court ordered that he should remain in the custody of the prosecution.
The trial has been adjourned to October 25, 26 and 27, 2026, for further proceedings.
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