The Federal High Court in Abuja on Monday granted bail in the sum of ₦500 million 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 the charge marked 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 against him by the Federal Government.
The prosecution, led by Ekele Iheanacho (SAN), 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
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