The Federal High Court in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, in the sum of ₦500 million after he pleaded not guilty to an eight-count charge of alleged money laundering
Justice Inyang Ekwo held that the offences were bailable under the Administration of Criminal Justice Act, 2015, and admitted Yisawu to bail.
The court ordered him to produce one surety in the like sum, who must be a responsible Nigerian with landed property in Abuja. The surety is also required to provide proof of ownership of the property to the court registrar for verification.
Justice Ekwo further directed Yisawu to deposit his international passport with the court and barred him from travelling outside Nigeria without the court’s approval. Pending the fulfilment of the bail conditions, the judge ordered that he remain in the custody of the prosecution.
During proceedings on Monday, prosecution counsel Ekele Iheanacho (SAN) told the court that Yisawu was accused of laundering proceeds of unlawful activities through a series of cash transactions.
according to the prosecution, the former refinery boss allegedly converted more than $789,950, believed to be proceeds of unlawful activity, and made cash payments of the same amount to one Samaila Bala without routing the transactions through a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
He was also accused of making additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system.
Yisawu pleaded not guilty to all the charges after they were read before the court.
Following his plea, Iheanacho asked the court to fix a date for trial, while defence counsel Wale Balogun (SAN) applied for bail, arguing that his client had earlier been granted administrative bail during the investigation and had already surrendered his international passport.
The prosecution opposed the application, urging the court to refuse bail.
Justice Ekwo, however, granted the application and adjourned the case until October 25, 26 and 27 for trial.