A Federal High Court in Abuja, on Monday, July 20, 2026, granted bail in the sum of ₦500 million to the former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Olasunkanmi Yisawu, following his formal arraignment on financial crime charges.
Presiding Judge Justice Inyang Ekwo admitted the former refinery executive to bail with one surety in like sum after he entered a not guilty plea to an eight-count charge brought by the Economic and Financial Crimes Commission (EFCC). The prosecution alleges illegal conversion of public funds and money laundering totalling over $989,000.
The defendant was granted ₦500 million bail, requiring one surety who must own verifiable landed property within the court’s jurisdiction.
Yisawu must surrender his international passport to the registrar and cannot travel abroad without prior authorization from the court. He is to remain in EFCC custody until all bail requirements are fully satisfied.
The EFCC, represented by Senior Advocate of Nigeria Ekele Iheanacho, alleged that Yisawu committed the offenses between October 2023 and May 2025 while serving as a public officer within the Nigerian National Petroleum Company Limited (NNPCL) network.
According to charge sheet FHC/ABJ/CR/361/2026: The defendant allegedly converted $789,950 through an associate, Samaila Bala, and conducted cash transactions exceeding statutory thresholds outside regulated financial institutions. He is accused of converting another $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures between February 2024 and March 2025.
The charges contravene Sections 18(2)(b) and are punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Lead defense counsel Wale Balogun (SAN) urged the court to grant bail, noting that Yisawu had consistently honored administrative bail conditions set during the investigation and had already submitted his passport to authorities.
Despite opposition from the prosecution counsel, Justice Ekwo held that the charges were bailable under the Administration of Criminal Justice Act.
The court adjourned the matter to October 26, 2026, for trial.
