₦500m Bail Granted to Ex-Warri Refinery Boss by Abuja Court

In a significant development, 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 ₦500m. Yisawu, who is facing an eight-count charge related to alleged money laundering, had pleaded not guilty to all the counts. The charges were filed by the Federal Government and are contrary to the Money Laundering (Prevention and Prohibition) Act, 2022. According to the prosecution, led by Ekele Iheanacho (SAN), Yisawu allegedly committed offences that include indirectly converting the aggregate sum of over $789,950, being proceeds of unlawful activity. The prosecution also alleged that he made cash payments exceeding $789,950 to one Samaila Bala without using a financial institution, and made cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system. Following the defendant's plea, the prosecution applied for a trial date, while the defence counsel, Wale Balogun (SAN), informed the court that he had filed an application for bail. The prosecution had earlier granted Yisawu administrative bail and had seized his international passport. After hearing arguments from both counsel, Justice Inyang Ekwo ruled that the defendant was entitled to bail, citing Section 162 of the Administration of Criminal Justice Act, 2015. The judge 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 defendant was also directed to deposit his international passport with the court and barred from travelling outside Nigeria without the court's permission. The case has been adjourned until October 25, 26 and 27, 2026, for trial.