The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of Warri Refining and Petrochemical Company Ltd, Jimoh Olasunkanmi Yisawu, before Justice Inyang Ekwo of the Federal High Court sitting in Abuja, over allegations of money laundering to the tune of N1.339 billion.
Yisawu was arraigned on Monday, July 20, 2026, on an eight-count charge of alleged money laundering.
Count one of the charges reads: "That you Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd between October, 2023 and May, 2025 in Abuja within the jurisdiction of this Honourable Court indirectly converted the aggregate sum of $789,950 (Seven Hundred and Eighty Nine Thousand, Nine Hundred and Fifty United States Dollars) through Samaila Bala which amount did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $789,950 constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 18(8)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022."
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Count three reads: "That you Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd between February, 2024 and March, 2025 in Lagos within the jurisdiction of this Honourable Court indirectly converted through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures the aggregate sum of $122,600 (One Hundred and Twenty Two Thousand, Six Hundred United States Dollars) which did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $122,600 constituted proceed of unlawful activity and you thereby committed an offence contrary to Section 18(2)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022."
Count six reads: "That you Jimoh Olasunkanmi Yisawu the former Managing Director of Warri Refining and Petrochemical Company Ltd on or about the 21st of February, 2024 in Lagos within the jurisdiction of this Honourable Court, indirectly transferred the sum of N65,860,000 (Sixty Five Million, Eight Hundred and Sixty Thousand Naira) to Cordros Securities Limited for the purchase of treasury bills for yourself when you reasonably ought to have known that the said sum constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 18(2)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022."
The defendant pleaded not guilty to all charges when they were read to him, prompting his counsel, Wale Balogun, SAN, to urge the court to grant his client bail, giving an assurance that he would remain available for trial.
In response, the EFCC's lead counsel, Ekele Iheanacho, SAN, informed the court that he had filed a 17-paragraph affidavit opposing bail, citing the seriousness of the alleged offence.
Having heard submissions from both sides, Justice Ekwo granted the defendant bail in the sum of N500,000,000 (Five Hundred Million Naira), with a surety in like sum.
He directed that the surety be a responsible citizen and owner of landed property within the jurisdiction of the court, and instructed the court registrar to verify the property and ensure that the original title documents were deposited with the court.
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