A Federal High Court in Abuja on Monday granted Jimoh Yisawu, former managing director of the Warri Refining and Petrochemical Company Limited, bail in the sum of N500 million after he was arraigned by the Economic and Financial Crimes Commission (EFCC) on alleged money laundering charges.
Yisawu, who was brought before Justice Inyang Ekwo on an eight-count charge, pleaded not guilty to all the allegations.
Following his plea, Ekele Iheanacho (SAN), EFCC counsel, asked the court to fix a date for trial, while defence counsel Wale Balogun (SAN) sought leave to move the defendant’s bail application.
Although the prosecution opposed the application, Justice Ekwo held that the offences were bailable and admitted Yisawu to bail in the sum of N500 million with one surety in a like amount.
The court ruled that the surety must be a responsible Nigerian with landed property within the court’s jurisdiction, subject to verification.
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