Alex Enumah in Abuja
A former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, was on Monday arraigned before a Federal High Court in Abuja.
He was arraigned before Justice Inyang Ekwo, on an eight-count criminal charge bordering on alleged corruption and money laundering.
However, the court has granted him bail in the sum of N500 million and one surety in like sum.
Following his not-guilty plea to all the counts, his lawyer, Wale Balogun (SAN), drew the court’s attention to the bail application of his client.
Responding, prosecution counsel, Mr Ekele Iheanacho (SAN), said the prosecution had filed a counter-affidavit opposing the application and urged the court to refuse bail.
Balogun, however, argued that the prosecution had earlier granted Yisawu administrative bail and had already seized his international passport. He urged the court to maintain the existing bail terms.
After taking arguments from counsel representing parties, Justice Ekwo held that the defendant was entitled to bail, and subsequently admitted him to bail in the sum of N500 million with one surety in like sum.
According to the judge, the surety must be a responsible Nigerian with landed property in Abuja and must submit proof of ownership to the court registrar.
The judge also directed the defendant to deposit his international passport with the court and barred him from travelling outside Nigeria without the court’s permission.
Pending the perfection of the bail conditions, the court ordered that Yisawu should remain in the custody of the prosecution.
The case was adjourned until October 25, 26 and 27, 2026, for trial.
In the Charge marked: FHC/ABJ/CR/361/2026, dated and filed on June 22, 2026, the prosecution claimed that Yisawu “indirectly converted the aggregate sum of over $789,950… being proceeds of unlawful activity,” contrary to Section 18(2)(b) and punishable under Section 18(3) of the Act.
The prosecution further alleged that the defendant made cash payments exceeding $789,950 to one Samaila Bala without using a financial institution, contrary to the provisions of the anti-money laundering law.
In another count, Yisawu was alleged to have made cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system and due process, in violation of the anti-money laundering law.
The post Ex-Warri Refinery MD, Yisawu, Arraigned, Gets N500m Bail appeared first on NgBreakingNews.com.
