EFCC Arraigns Former Warri Refinery MD Over Alleged ₦1.339 Billion Money Laundering, Court Grants ₦500 Million Bail
EFCC Arraigns Former Warri Refinery MD Over Alleged ₦1.339 Billion Money Laundering, Court Grants ₦500 Million Bail
EFCC Arraigns Former Warri Refinery MD Over Alleged ₦1.339 Billion Money Laundering, Court Grants ₦500 Million Bail
The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over an alleged ₦1.339 billion money laundering case.
Yisawu was brought before Justice Inyang Ekwo on Monday, July 20, 2026, to answer an eight-count charge bordering on alleged money laundering and the conversion of funds suspected to be proceeds of unlawful activities.
According to the EFCC, the alleged offences were committed while Yisawu served as Managing Director of the Warri Refining and Petrochemical Company between October 2023 and May 2025.
In one of the charges, the anti-graft agency alleged that the former refinery boss indirectly converted $789,950 through one Samaila Bala, funds which prosecutors claim were not part of his legitimate earnings as a public officer with the Nigerian National Petroleum Company Limited (NNPC Ltd.).
The EFCC further alleged that between February 2024 and March 2025, Yisawu indirectly converted an additional $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures, knowing the money was allegedly derived from unlawful activities.
The Commission also accused the former managing director of transferring ₦65.86 million to Cordros Securities Limited on February 21, 2024, for the purchase of Treasury Bills, alleging that the funds were proceeds of unlawful activity.
The alleged offences are said to contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
When the charges were read in court, Yisawu pleaded not guilty to all eight counts.
Following his plea, defence counsel Wale Balogun, SAN, applied for bail, assuring the court that his client would not interfere with the trial and would always be available whenever required.
However, EFCC’s lead counsel, Ekele Iheanacho, SAN, opposed the application, informing the court that the Commission had filed a 17-paragraph affidavit urging the court to deny bail in view of the seriousness of the allegations.
After considering the submissions of both parties, Justice Ekwo granted the defendant bail in the sum of ₦500 million with one surety in like amount.
The court ruled that the surety must be a responsible Nigerian and owner of landed property within the court’s jurisdiction. Justice Ekwo also directed the court registrar to verify the property documents and retain the original title documents with the court.
As part of the bail conditions, the defendant was ordered to deposit his international passport with the court and was barred from travelling outside the court’s jurisdiction without prior approval.
Pending the fulfilment of the bail conditions, the court ordered that Yisawu remain in the custody of the EFCC.
The matter was adjourned until October 26, 27 and 28, 2026, for the commencement of trial.
EFCC Arraigns Former Warri Refinery MD Over Alleged ₦1.339 Billion Money Laundering, Court Grants ₦500 Million Bail
