A Federal High Court in Abuja has approved a N500 million bail bond for Jimoh Yisawu, the former Managing Director of the Warri Refining and Petrochemical Company Limited. This decision followed his not-guilty plea to eight money laundering charges filed by the Economic and Financial Crimes Commission (EFCC).
The EFCC alleges that Yisawu violated the Money Laundering (Prevention and Prohibition) Act of 2022 by indirectly converting $789,950 linked to illegal activities. Additionally, the agency accuses him of making large cash payments to Samaila Bala and Rasheed Olaitan Yusuf without utilizing formal financial institutions.
During the proceedings, defense attorney Wale Balogun, SAN, requested bail, noting that the EFCC had previously granted his client administrative bail. Although prosecution lawyer Ekele Iheanacho, SAN, contested the request, Justice Inyang Ekwo ruled that the charges were bailable.
Under the conditions set by the court, Yisawu must provide one surety who owns property in Abuja. He is also required to surrender his international passport and is prohibited from traveling abroad. He will remain in EFCC custody until these requirements are fulfilled. The trial is scheduled for October 25, 26, and 27.
