Former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Yisawu, has been granted bail in the sum of N500 million by the Federal High Court in Abuja following his arraignment on alleged money laundering charges filed against him by the Economic and Financial Crimes Commission (EFCC).
Justice Iyang Ekwo, who presided over the matter, admitted the former refinery boss to bail on strict conditions after he pleaded not guilty to an eight-count charge brought against him by the anti-graft agency.
Yisawu was brought before the court over allegations bordering on the unlawful handling and conversion of foreign currency transactions amounting to hundreds of thousands of dollars during his time in office.
During the proceedings, the EFCC informed the court that the defendant allegedly engaged in transactions that contravened provisions of the Money Laundering (Prevention and Prohibition) Act.
According to the charges, the commission alleged that between October
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