On Monday, the Federal High Court in Abuja approved a ₦500 million bail for Jimoh Yisawu, the former head of Warri Refining and Petrochemical Company Limited. Yisawu faces eight counts of money laundering, to which he entered a plea of not guilty before Justice Inyang Ekwo.
The Federal Government initiated the case, FHC/ABJ/CR/361/2026, accusing Yisawu of violating the Money Laundering (Prevention and Prohibition) Act of 2022. Prosecutor Ekele Iheanacho stated that the defendant allegedly laundered over $789,950 through unlawful activities and conducted large cash transactions with Samaila Bala and Rasheed Olaitan Yusuf that bypassed financial institutions.
Defense lawyer Wale Balogun requested bail, citing that his client had previously complied with administrative bail terms. Despite the prosecution’s opposition, Justice Ekwo ruled in favor of the defendant. The court required one surety who holds landed property in Abuja. Additionally, Yisawu must surrender his passport and cannot leave the country without judicial approval. He will stay in custody until these conditions are met, with the trial scheduled for October 25 to 27, 2026.
