The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Managing Director of Warri Refining and Petrochemical Company Ltd, Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over alleged money laundering to the tune of N1.339 billion.
Mr Yisawu was arraigned before Justice Inyang Ekwo on an eight-count charge bordering on alleged indirect conversion of funds that did not form part of his lawful earnings as a former public officer of the Nigerian National Petroleum Company Limited (NNPC Ltd).
Details of the charges
Count one of the charges reads: the EFCC alleged that between October 2023 and May 2025, Mr Yisawu indirectly converted $789,950 through Samaila Bala, an amount which did not form part of your known lawful earnings as a former public officer with the NNPC Ltd, when you knew that the said sum of $789,950 constituted proceeds of unlawful activity.
In count three, the commission alleged that between February 2024 and March 2025 in Lagos, the defendant indirectly converted $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures.
Count six further alleged that on 21 February 2024 in Lagos, he indirectly transferred N65,860,000 to Cordros Securities Limited for the purchase of treasury bills for himself.
All the offences are said to be contrary to Section 18(2)(b) and 18(8)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendant pleaded not guilty to all the charges when they were read to him.
Following his not guilty plea, counsel to the defendant, Wale Balogun, Senior Advocate of Nigeria (SAN), prayed the court to grant his client bail, assuring the court that his client would always be available for trial.
However, EFCC’s lead counsel, Ekele Iheanacho, SAN, opposed the application. He told the court he had filed a 17-paragraph affidavit asking the court to deny bail due to the seriousness of the alleged offence.
Bail granted
In his ruling, 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 defendant 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.
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The refinery
The 125,000 barrels per day (bpd) capacity of Warri Refinery had been shut down for years due to technical issues.
In August 2021, the Federal Executive Council (FEC) approved the contract award for rehabilitating Warri and Kaduna Refineries at $1.5 billion.
In August 2023, President Bola Tinubu’s administration assured that the Warri refinery would come on stream by the end of the first quarter of 2024.
On 30 December 2024, the NNPC Ltd said Warri refinery had commenced operation after a long period of inactivity. The refinery, which was reopened in December 2024, shut down in January 2025 on account of safety issues.
