A Federal High Court in Abuja on Monday granted bail in the sum of ₦500m to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing prosecution over an alleged $789,950 money laundering case.
Yisawu, the sole defendant in Charge No. FHC/ABJ/CR/361/2026 pleaded not guilty to an eight-count charge after it was read before Justice Inyang Ekwo.
The Federal Government, in the charge filed on June 22, 2026, accused the former refinery boss of violating provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the prosecution, led by Senior Advocate of Nigeria, Ekele Iheanacho, Yisawu allegedly converted proceeds of unlawful activities amounting to over $789,950.
The government also alleged that he made cash payments exceeding $789,950 to one Samaila Bala without using a financial institution, contrary to the anti-money laundering law.
In another count, the prosecution accused him of making additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system and due process.
Following his arraignment, Iheanacho urged the court to fix a date for trial.
Defence counsel, Wale Balogun (SAN), informed the court that he had filed an application seeking bail for his client.
Although the prosecution opposed the application through a counter-affidavit, Balogun argued that Yisawu had earlier been granted administrative bail by investigators and had already surrendered his international passport. He urged the court to retain the existing bail conditions.
In his ruling, Justice Ekwo held that the defendant was entitled to bail under the Administration of Criminal Justice Act.
The judge granted Yisawu bail in the sum of ₦500m with one surety in like sum.
He ordered that the surety must be a responsible Nigerian who owns landed property in Abuja and must provide proof of ownership to the court registrar.
Justice Ekwo further directed the defendant to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior approval of the court.
Pending the fulfilment of the bail conditions, the judge ordered that Yisawu remain in the custody of the prosecution.
The matter was adjourned until October 25, 26 and 27, 2026, for the commencement of trial.
