ABUJA — A Federal High Court in Abuja has granted bail in the sum of ₦500 million to Jimoh Yisawu, the former Managing Director of the Warri Refining and Petrochemical Company Limited, who is facing an eight-count money laundering charge.
Justice Inyang Ekwo granted the bail on Monday after hearing arguments from both the prosecution and defence counsel. Yisawu, who pleaded not guilty to all counts, was accused of indirectly converting proceeds of unlawful activity amounting to over $789,950 and making large cash payments outside the formal banking system.
The charges, filed by the Federal Government on June 22, 2026, allege violations of the Money Laundering (Prevention and Prohibition) Act, 2022. According to the prosecution, Yisawu made cash payments exceeding $789,950 to one Samaila Bala and another $122,600 to Rasheed Olaitan Yusuf, both allegedly conducted without using financial institutions.
Prosecution counsel Ekele Iheanacho (SAN) opposed the bail application, informing the court of a counter-affidavit already filed. However, defence counsel Wale Balogun (SAN) argued that his client had previously been granted administrative bail by the prosecution and had surrendered his international passport.
Delivering his ruling, Justice Ekwo invoked Section 162 of the Administration of Criminal Justice Act, 2015, and approved the bail with one surety in the same amount. The surety must be a responsible Nigerian who owns landed property in Abuja, with proof of ownership to be submitted to the court registrar.
The judge further ordered Yisawu to deposit his international passport with the court and barred him from travelling abroad without prior permission. Until the bail conditions are fully perfected, he is to remain in the custody of the prosecution.
The case has been adjourned to October 26, 27, and 28, 2026, for the commencement of trial.
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