The Federal High Court in Abuja has fixed July 20, 2026, for the arraignment of Jimoh Olasunkanmi Yisawu, former Managing Director of the Warri Refining and Petrochemical Company Ltd.
His arraignment was adjourned on Friday because Justice Inyang Ekwo was attending to another official assignment.
The Economic and Financial Crimes Commission, EFCC, is prosecuting Yisawu on an eight-count charge.The agency accused him of converting $789,950 and $122,600, among other charges related to looted funds.
According to count one, Yisawu is accused of indirectly converting $789,950 through Samaila Bala between October 2023 and May 2025.
The charge stated: “That you, Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, between October 2023 and May 2025 in Abuja, indirectly converted the aggregate sum of $789,950 through Samaila Bala. The money was not part of your lawful earnings as a former public officer with the Nigerian National Petroleum Company Ltd. You knew the said sum was proceeds of unlawful activity, contrary to Section 18(2)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
In count two, he is accused of making cash payments exceeding N5,000,000, totaling $789,950, to Samaila Bala without passing through a financial institution. The EFCC said the act violates the Money Laundering (Prevention and Prohibition) Act, 2022.
In another count, Yisawu allegedly converted $122,600 in cash outside the banking system through Rasheed Yusuf of Rasheedat Anike Global Ventures between February 2024 and March 2025.
The charge also stated: “That you, Jimoh Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, between January and June 2015 in Lagos, used the aggregate sum of N25,563,000 paid into your Zenith Bank Plc Account No. 1003198602 and Access Bank Plc Account No. 0001283432 by Jkpeez Impex Co. You reasonably ought to have known the money was proceeds of unlawful activity, contrary to Section 15(2)(d) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended.”
Jkpeez Impex Co. was a contractor with a subsidiary of the then Nigerian National Petroleum Corporation, now NNPC Ltd.
Other allegations against Yisawu include: transferring N65,860,000 to Cordros Securities Limited to purchase treasury bills in his name; and retaining N15,000,000 and N3,000,000, respectively, paid into his Stanbic IBTC account by Olasinka Fragene Justice on behalf of Ebenco Global Link Limited, described as “a contractor to the Nigerian National Petroleum Company Limited.”
The EFCC had arraigned the ex-MD of Port Harcourt Refining Company Ltd (PHRC), Ahmed Dikko, on alleged money-laundering offences.
He was arraigned Wednesday before Justice Ekwo on a 12-count charge of money laundering.