A Federal High Court in Abuja has granted bail to the former Managing Director of Warri Refining and Petrochemical Company, Jimoh Yisawu, who is facing an eight-count charge of money laundering.
Justice Inyang Ekwo granted Yisawu bail in the sum of ₦500m on Monday.
Yisawu pleaded not guilty to all charges. He is the only defendant in Charge No. FHC/ABJ/CR/361/2026 filed by the Federal Government on June 22, 2026.
The prosecution, led by Ekele Iheanacho (SAN), said Yisawu indirectly converted over $789,950 in proceeds of unlawful activity.
He was also accused of making cash payments above $789,950 and $122,600 outside the banking system, in violation of the Money Laundering Act 2022.
After taking his plea, the prosecution asked the court 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 filed a counter-affidavit opposing the application and urged the court to refuse bail.
Balogun, however, argued that the prosecution had earlier granted Yisawu administrative bail and had already seized his international passport. He urged the court to maintain the existing bail terms.
Both counsel argued their applications after adopting their respective processes.
Justice Ekwo ruled that the defendant was entitled to bail.
He held: “Going by Section 162 of the Administration of Criminal Justice Act, )2015)… I therefore grant bail in the sum of ₦500m with one surety in like sum.”
Justice Ekwo ordered that the surety must be a responsible Nigerian with landed property in Abuja and must submit proof of ownership to the court registrar.
The judge also directed the defendant to deposit his international passport with the court and barred him from travelling outside Nigeria without the court’s permission.
He further ordered that Yisawu should remain in the custody of the prosecution pending the perfection of the bail conditions.