Follow Us on Google Discover
The Economic and Financial Crimes Commission has arraigned the former Managing Director of Warri Refining and Petrochemical Company, Jimoh Olasunkanmi Yisawu, before a Federal High Court in Abuja on an eight-count charge of alleged money laundering totalling N1.339 billion.
Justice Inyang Ekwo of the Federal High Court presided over the arraignment on Monday, July 20, 2026.
The defendant pleaded not guilty to all charges, and the court subsequently granting him bail in the sum of N500 million with a surety in like sum.
What they are saying
The charges allege that Yisawu, a former public officer with the Nigerian National Petroleum Company, converted funds that did not form part of his known lawful earnings through third parties across multiple transactions between 2023 and 2025.
Also Read
- Count one alleges that between October 2023 and May 2025, Yisawu “indirectly converted the aggregate sum of $789,950 through Samaila Bala which amount did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd when you knew that the said sum of $789,950 constituted proceeds of unlawful activity,” contrary to Section 18(8)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
- Count three alleges that between February 2024 and March 2025, he “indirectly converted through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures the aggregate sum of $122,600 which did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd when you knew that the said sum of $122,600 constituted proceed of unlawful activity.”
- Count six alleges that on or about February 21, 2024, he “indirectly transferred the sum of N65,860,000 to Cordros Securities Limited for the purchase of treasury bills for yourself when you reasonably ought to have known that the said sum constituted proceeds of unlawful activity.”
More insights
After Yisawu entered his not guilty plea, his counsel, Wale Balogun, SAN, applied for bail, assuring the court his client would always be available for trial.
- EFCC’s lead counsel Ekele Iheanacho, SAN, opposed the bail application, telling the court he had filed a 17-paragraph affidavit asking the court to deny the defendant bail, citing the seriousness of the alleged offence.
- Justice Ekwo granted bail in the sum of N500 million with a surety in like sum, stipulating that the surety must be a responsible citizen and owner of landed property within the court’s jurisdiction, with the court registrar directed to verify the property and ensure the original title documents are deposited with the court.
The judge also ordered Yisawu to deposit his international passport with the court and barred him from travelling outside the court’s jurisdiction without prior permission. He ruled that the defendant would remain in EFCC custody pending the fulfilment of his bail conditions.
The case has been adjourned to October 26, 27 and 28, 2026 for trial.
What you should know
The development comes amid ongoing anti-corruption prosecutions involving prominent Nigerians accused of money laundering and related financial offences.
- Earlier this month, Nairametrics reported that the EFCC arraigned Bello Abdullahi Bodejo, National President of Miyetti Allah Kautal Hore, before the Federal High Court in Abuja over an alleged $2.33 million money laundering offence.
The anti-graft agency stated that Bodejo appeared before Justice Inyang Ekwo on a 12-count charge bordering on alleged breaches of Nigeria’s money laundering laws.
The arraignment followed the filing of the charges by the EFCC in June and comes amid separate proceedings in which the agency has also linked Bodejo to allegations of terrorism financing.
