The Federal High Court in Abuja has granted N500m bail to Jimoh Yisawu, a former Managing Director of the Warri Refining and Petrochemical Company Limited.
Yisawu is standing trial on an eight-count charge bordering on alleged money laundering. Vanguard, Daily Post and Punch all reported that he pleaded not guilty after the charge was read to him before Justice Inyang Ekwo on Monday.
The charge, marked FHC/ABJ/CR/361/2026, was brought by the Federal Government. The reports said the Economic and Financial Crimes Commission accused Yisawu of offences contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the prosecution, led by Ekele Iheanacho (SAN), the former refinery chief allegedly converted more than $789,950 said to be proceeds of unlawful activity. The allegation has not been proved, and Yisawu’s not-guilty plea means the case will continue to trial unless otherwise resolved by the court.
The bail ruling allows him to prepare his defence outside custody, subject to the court’s conditions. His former role at the Warri refinery is central to the public interest in the case because of continuing scrutiny of Nigeria’s state-linked oil and refining institutions. The reports did not present the allegations as proved.
Sources: Vanguard, Daily Post, Punch
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