A Federal High Court in Abuja has granted bail of N500 million to former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, after he pleaded not guilty to an eight-count money laundering charge filed by the Economic and Financial Crimes Commission (EFCC).
Yisawu was arraigned before Justice Inyang Ekwo on charges bordering on the alleged conversion of proceeds of unlawful activities and making cash payments outside the banking system in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the former refinery boss allegedly converted more than $789,950 believed to be proceeds of unlawful activities and made cash payments exceeding that amount to one Samaila Bala without using a financial institution.
The commission also alleged that he made additional cash payments totaling $122,600 through one Rasheed Olaitan Yusuf outside the banking system.
Following his not guilty plea, defense counsel Wale Balogun, SAN, urged the court to grant bail, noting that the EFCC had previously granted his client administrative bail and seized his international passport.
The prosecution, led by Ekele Iheanacho, SAN, opposed the application and asked the court to consider a counter-affidavit challenging the defendant’s release on bail.
In his ruling, Justice Ekwo held that the offenses were bailable and granted Yisawu bail in the sum of N500 million with one surety in like sum.
The court ordered that the surety must be a responsible Nigerian with landed property in Abuja and provide proof of ownership.
The judge also directed Yisawu to surrender his international passport and barred him from traveling outside Nigeria without court approval.
He will remain in EFCC custody until the bail conditions are met.
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