The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over an alleged money laundering scheme involving more than N1.339 billion.
Yisawu was brought before Justice Inyang Ekwo on Monday on an eight-count charge bordering on alleged money laundering, unlawful conversion of funds and financial transactions suspected to be linked to proceeds of illegal activities.
The anti-graft agency alleged that the former refinery boss, while serving as a senior official of the Nigerian National Petroleum Company Limited (NNPCL), engaged in a series of transactions involving substantial sums in foreign currency and naira that could not be traced to his lawful earnings.
According to court documents, the EFCC accused Yisawu of indirectly converting $789,950 between October 2023 and May 2025 through one Samaila Bala, knowing that the funds allegedly constituted proceeds of unlawful activities.
The commission further alleged that between February 2024 and March 2025, the former refinery chief routed another $122,600 through Rasheed Olaitan Yusuf, linked to Rasheedat Anike Global Ventures, in transactions believed to have originated from illicit sources.
In another count, the EFCC claimed that on February 21, 2024, Yisawu allegedly transferred N65.86 million to Cordros Securities Limited for the purchase of treasury bills, despite allegedly knowing or reasonably suspecting that the funds were proceeds of unlawful activities.
The commission maintained that the transactions violated provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
When the charges were read before the court, Yisawu pleaded not guilty to all eight counts.
Following his plea, his counsel, Wale Balogun, SAN, urged the court to grant his client bail, arguing that the former managing director would make himself available throughout the trial and would not interfere with investigations.
Balogun also assured the court that his client remained a responsible citizen willing to comply with any conditions imposed by the court.
However, EFCC lead counsel, Ekele Iheanacho, SAN, opposed the application, informing the court that the commission had filed a 17-paragraph affidavit challenging the request.
The prosecution argued that the nature of the allegations, the amount involved and the seriousness of the offences warranted caution in granting bail.
The EFCC urged the court to consider the gravity of the charges before making a decision.
After listening to arguments from both the prosecution and defence teams, Justice Ekwo granted bail to the defendant.
The court admitted Yisawu to bail in the sum of N500 million with one surety in like amount.
Justice Ekwo ruled that the surety must be a responsible Nigerian citizen who owns landed property within the jurisdiction of the court.
The judge further directed that the original title documents of the property be deposited with the court and subjected to verification by the court registrar before the bail conditions could be perfected.
The case is one of several high-profile corruption and financial crime prosecutions currently being pursued by the EFCC involving former public officials and executives of government-owned enterprises.
The commission insists that the charges remain allegations until proven in court, while the defendant continues to enjoy the constitutional presumption of innocence.
Legal observers say the trial is expected to attract significant public attention given the strategic role of the Warri Refining and Petrochemical Company within Nigeria’s oil and gas sector and the Federal Government’s ongoing efforts to strengthen accountability in public institutions.
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