Court Admits Ex-WRPC MD to ₦500m Bail in 8-Count Money Laundering Charge
The Federal High Court, Abuja Division, on Monday admitted Jimoh Yisawu, former Managing Director of Warri Refining and Petrochemical Company Limited, to bail in the sum of ₦500 million over an 8-count charge of money laundering preferred against him by the Federal Government.
Yisawu, sole defendant in Charge No. FHC/ABJ/CR/361/2026, pleaded not guilty to all counts when arraigned before Hon. Justice Inyang Ekwo.
The charge, filed on June 22, 2026, alleges offences contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution, led by Ekele Iheanacho, SAN, alleged in Count 1 that the defendant “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 MLPP Act, 2022.
Count 2 alleged that Yisawu made cash payments exceeding $789,950 to one Samaila Bala outside a financial institution.
Count 4 alleged cash payments totalling $122,600 to one Rasheed Olaitan Yusuf, also outside the banking system, in breach of the Act.
After his plea, prosecution counsel applied for a trial date while defence counsel, Wale Balogun, SAN, moved an application for bail.
Iheanacho, SAN, opposed the application via a counter-affidavit, urging the court to refuse bail. He argued risk of interference.
Balogun, SAN, responded that the prosecution had earlier granted administrative bail and seized the defendant’s international passport, and urged the court to maintain those terms.
In his ruling, Justice Ekwo granted bail pursuant to Section 162 of the Administration of Criminal Justice Act, 2015.
Justice Ekwo, therefore grant bail in the sum of ₦500m with one surety in like sum. He 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 perfection of bail, the court ordered that the defendant remain in the custody of the prosecution.
The matter was adjourned to October 25, 26 and 27, 2026 for trial.
