‘Money laundering’: Ex-Warri Refinery MD arraigned, gets N500m bail

A former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, was on Monday arraigned before the Federal High Court in Abuja over alleged money laundering. Yisawu, who is standing trial on an eight-count charge, was subsequently granted bail in the sum of N500 million. Daily Trust reports that Yisawu, the sole […]

A former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, was on Monday arraigned before the Federal High Court in Abuja over alleged money laundering.
Yisawu, who is standing trial on an eight-count charge, was subsequently granted bail in the sum of N500 million.
Daily Trust reports that Yisawu, the sole defendant in the suit marked FHC/ABJ/CR/361/2026, pleaded not guilty to all eight counts after they were read to him before Justice Inyang Ekwo.
The charge, dated June 22, 2026, was filed by the Federal Government through its lead prosecution counsel, Ekele Iheanacho (SAN).
Iheanacho told the court that the defendant allegedly committed offences contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In the first count, the Federal Government alleged that Yisawu “indirectly converted the aggregate sum of over $789,950, being proceeds of unlawful activity,” contrary to Section 18(2)(b) and punishable under Section 18(3) of the Act.
In the second count, the prosecution alleged that he made cash payments exceeding $789,950 to one Samaila Bala without using a financial institution, contrary to the provisions of the Act.
In the fourth count, the government further alleged that Yisawu made cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system, in violation of the anti-money laundering law.
Following the defendant’s plea, Iheanacho applied for a trial date, while defence counsel, Wale Balogun (SAN), informed the court that he had filed an application for bail.
After hearing both parties, Justice Ekwo held that the defendant was entitled to bail.
The judge, therefore, granted him bail in the sum of N500 million with one surety in like sum.
The case was adjourned until October 25, 26 and 27, 2026, for trial.