By Osaretin Osadebamwen
The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Yisawu, before the Federal High Court in Abuja over alleged money laundering involving proceeds of unlawful activity.
The anti-graft agency accused Yisawu of laundering funds allegedly obtained while serving as managing director of the refinery and using part of the money to purchase treasury bills. He pleaded not guilty to the charges when he appeared before the court on Monday.
Following his plea, Justice Inyang Ekwo granted the former refinery boss bail in the sum of ₦500 million with one surety, while ordering him to meet strict conditions pending the commencement of trial.
The arraignment followed an earlier attempt to bring Yisawu before the court on July 8, which could not proceed because the trial judge did not sit.
According to the charges filed by EFCC counsel Ekele Iheanacho (SAN) on June 22, the commission alleged that between October 2023 and May 2025, Yisawu converted $789,950 through one Samaila Bala, describing the funds as proceeds of unlawful activity.
The EFCC further alleged that the money did not form part of Yisawu’s lawful earnings as a former public officer of the Nigerian National Petroleum Company Limited (NNPCL).
The commission also accused him of making cash payments above the legal threshold without routing the funds through a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
In another count, the EFCC alleged that between February 2024 and March 2025, Yisawu converted an additional $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures.
The anti-corruption agency further accused him of retaining ₦25.563 million paid into his Zenith Bank and Access Bank accounts by JKpeez Impex Co., a contractor to an NNPCL subsidiary, alleging that the funds were proceeds of unlawful activity.
The commission also alleged that on February 21, 2024, Yisawu transferred ₦65.86 million to Cordros Securities Limited to purchase treasury bills using funds suspected to be proceeds of unlawful activity.
Although the prosecution opposed his bail application, Justice Ekwo ruled that the alleged offences were bailable and admitted the defendant to bail.
The court ordered that the surety must own landed property within the court’s jurisdiction, with the title documents to be verified by the court registrar.
Justice Ekwo also directed Yisawu to surrender his international passport and prohibited him from travelling outside Nigeria without the court’s approval.
Pending the fulfilment of the bail conditions, the defendant was ordered to remain in the custody of the EFCC.
The case was adjourned until October 25, 26 and 27 for the commencement of trial. The EFCC had earlier filed similar money laundering charges against Yisawu and former Port Harcourt Refining Company Managing Director Ahmed Dikko over the alleged diversion of refinery rehabilitation funds.
