The Federal High Court in Abuja has granted bail of ₦500 million to former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing an eight-count charge bordering on alleged money laundering.
Justice Inyang Ekwo granted the bail on Monday after Yisawu pleaded not guilty to all the charges filed against him by the Federal Government.
The case, marked FHC/ABJ/CR/361/2026, alleges that the former refinery boss was involved in financial offences contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution, led by Senior Advocate of Nigeria, Ekele Iheanacho, accused Yisawu of allegedly converting over $789,950 said to be proceeds of unlawful activity.
The government also alleged that he made cash payments exceeding $789,950 to one Samaila Bala without passing through a financial institution, in violation of anti-money laundering regulations.
Another count accused him of making cash payments totalling $122,600 through Rasheed Olaitan Yusuf outside the banking system and due process.
Following his plea, prosecution counsel requested that a date be fixed for trial, while Yisawu’s lawyer, Wale Balogun (SAN), informed the court that he had filed a bail application.
The prosecution opposed the bail request, urging the court to reject it, but the defence argued that Yisawu had previously been granted administrative bail and that his international passport had already been seized.
In his ruling, Justice Ekwo held that the defendant was entitled to bail under the provisions of the Administration of Criminal Justice Act, 2015.
The judge ordered Yisawu to provide one surety in the same sum of ₦500 million. The surety, according to the court, must be a responsible Nigerian with landed property in Abuja and must provide evidence of ownership.
The court also directed Yisawu to deposit his international passport and barred him from travelling outside the country without its approval.
Justice Ekwo further ordered that the former refinery managing director should remain in the custody of the prosecution until he fulfils the bail conditions.
The trial has been adjourned to October 25, 26, and 27, 2026.
Samuel Agada is a writer and media contributor from Olamaboro Local Government Area of Kogi State, Nigeria. He is a graduate of Biochemistry from the University of Jos and a former banker with GTBank and FCMB. A prolific writer, songwriter, educator, and Gospel preacher, he is passionate about informing, inspiring, and impacting society through his work.