By John Azu
The Federal High Court in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, in the sum of N500 million over his ongoing trial for alleged money laundering.
Justice Inyang Ekwo, who delivered the ruling on Monday, held that the defendant was entitled to bail because the charges against him are bailable under Section 162 of the Administration of Criminal Justice Act (ACJA), 2015.
“I therefore grant bail in the sum of N500m with one surety in like sum,” the judge said.
Justice Ekwo ruled that the surety must be a responsible Nigerian with landed property in Abuja and must submit proof of ownership to the court registrar.
The court also ordered Yisawu to surrender his international passport and prohibited him from travelling outside Nigeria without prior approval of the court.
Pending the fulfilment of the bail conditions, the judge ordered that the former refinery boss be remanded in custody.
Yisawu is facing an eight-count charge of alleged money laundering in Charge No. FHC/ABJ/CR/361/2026. He pleaded not guilty to all eight counts after they were read to him.
Earlier, the prosecution, led by Ekele Iheanacho (SAN), opposed the bail application filed by defence counsel, Wale Balogun (SAN), informing the court that a counter-affidavit had been filed and urging the court to refuse the application.
According to the prosecution, Yisawu allegedly committed offences contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In Count One, the Federal Government alleged that Yisawu “indirectly converted the aggregate sum of over $789,950… being proceeds of unlawful activity,” contrary to Section 18(2)(b) and punishable under Section 18(3) of the Act.
In Count Two, the prosecution alleged that he made cash payments exceeding $789,950 to one Samaila Bala without routing the transactions through a financial institution, contrary to the anti-money laundering law.
The government further alleged in Count Four that Yisawu made cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system and due process, also in violation of the Money Laundering (Prevention and Prohibition) Act.
Justice Ekwo subsequently adjourned the matter until October 25, 26 and 27, 2026, for the commencement of trial.