The Federal High Court in Abuja has granted N500 million bail to Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refining and Petrochemical Company Limited, WRPC.
Justice Inyang Ekwo delivered the ruling on Monday after Yisawu pleaded not guilty to an eight-count charge of money laundering filed by the Economic and Financial Crimes Commission, EFCC.
According to the charge marked FHC/ABJ/CR/361/2026, the ex-WRPC boss was accused of indirectly converting $789,950 between October 2023 and May 2025, an amount EFCC said did not form part of his known lawful earnings as a public officer.
He was also accused of making cash payments totalling $789,950 to one Samaila Bala, and another $122,600 to Rasheed Olaitan Yusuf, without passing through a financial institution — offences said to be contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
His counsel, Wale Balogun, SAN, urged the court to adopt the administrative bail terms earlier granted by the EFCC, which included the seizure of his international passport.
However, EFCC counsel, Ekele Iheanacho, SAN, filed a counter-affidavit opposing bail.
Ruling on the application, Justice Ekwo held that the offences were bailable under Section 162 of the Administration of Criminal Justice Act, ACJA, 2015.
The court granted bail in the sum of N500 million with one surety in like sum. The judge ruled that the surety must be a responsible Nigerian with landed property in Abuja and must provide proof of ownership.
Other conditions include:
– Surrender of international passport
– Barred from travelling outside Nigeria without court permission
– Remand in EFCC custody pending perfection of bail conditions
The trial was subsequently adjourned to October 25, 26, and 27, 2026.