Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, has been arraigned over alleged money laundering involving ₦1.339bn
billion.
The Economic and Financial Crimes Commission, EFCC, announced that Yisawu was brought before Justice Inyang Ekwo of the Federal High Court in Abuja on Monday on an eight-count charge bordering on alleged money laundering.
The anti-graft agency alleged that the former refinery boss handled large sums of money believed to be proceeds of unlawful activity during his time as a public officer.
One of the charges stated: “That you Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd between October, 2023 and May, 2025 in Abuja within the jurisdiction of this Honourable Court indirectly converted the aggregate sum of $789,950 (Seven Hundred and Eighty Nine Thousand, Nine Hundred and Fifty United States Dollars) through Samaila Bala which amount did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $789,950 constituted proceeds of unlawful activity.”
Another count alleged that between February 2024 and March 2025, Yisawu “indirectly converted through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures the aggregate sum of $122,600 (One Hundred and Twenty Two Thousand, Six Hundred United States Dollars) which did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $122,600 constituted proceed of unlawful activity.”
The commission also accused him of transferring “the sum of ₦65,860,000 (Sixty Five Million, Eight Hundred and Sixty Thousand Naira) to Cordros Securities Limited for the purchase of treasury bills for yourself when you reasonably ought to have known that the said sum constituted proceeds of unlawful activity.”
Yisawu pleaded not guilty to all eight counts.
His lawyer, Wale Balogun, SAN, urged the court to admit him to bail, assuring the judge that his client would always be available for trial.
Opposing the application, EFCC lead counsel, Ekele Iheanacho, SAN, informed the court that he had filed a 17-paragraph affidavit asking that bail be refused because of the nature of the allegations.
After hearing both sides, Justice Ekwo admitted the defendant to bail in the sum of ₦500 million with one surety in like amount. The judge directed that the surety must own landed property within the court’s jurisdiction, while the court registrar is to verify the property and keep its original title documents.
The court also ordered Yisawu to surrender his international passport and barred him from travelling outside the court’s jurisdiction without approval. Pending the fulfilment of the bail conditions, the judge directed that he remain in EFCC custody.
The matter was adjourned until October 26, 27 and 28, 2026.