Court Grants Ex-Warri Refinery MD Yisawu ₦500m Bail

The Federal High Court in Abuja on Monday granted bail in the sum of ₦500m to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is standing trial on an eight-count charge bordering on alleged money laundering.

Yisawu, who is the sole defendant in Charge no. FHC/ABJ/CR/361/2026, pleaded not guilty to all eight counts after they were read to him before Justice Inyang Ekwo.

The charge, dated and filed on June 22, 2026, was brought by the Federal Government with prosecution, led by Ekele Iheanacho (SAN), who told the court that the defendant allegedly committed offences contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.

In the first count, 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 the second count, the prosecution alleged that he made cash payments exceeding $789,950 to one Samaila Bala without using a financial institution, contrary to the provisions of the anti-money laundering law.

In the fourth count, the government further alleged that Yisawu made cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system and due process, in violation of the anti-money laundering law.

Following the defendant’s plea, Iheanacho applied for a trial date.

Counsel for the defendant, Wale Balogun (SAN), informed the court that he had filed an application for bail.

Responding, Iheanacho said the prosecution had filed a counter-affidavit opposing the application and urged the court to refuse bail.

Balogun, however, argued that the prosecution had earlier granted Yisawu administrative bail and had already seized his international passport. He urged the court to maintain the existing bail terms.

After adopting their respective processes, both counsel argued their applications and in a ruling, Justice Ekwo held that the defendant was entitled to bail going by Section 162 of the Administration of Criminal Justice Act, (2015) hence granted him bail in the sum of ₦500m with one surety in like sum.

Justice Ekwo ordered that the surety must be a responsible Nigerian with landed property in Abuja and must submit proof of ownership to the court registrar.

The judge also directed the defendant to deposit his international passport with the court and barred him from travelling outside Nigeria without the court’s permission.

Pending the perfection of the bail conditions, the court ordered that Yisawu should remain in the custody of the prosecution and
the case was subsequently adjourned until October 25, 26 and 27, 2026, for trial.

Garry Ochigbo, Edited By Grace Namiji