The Federal High Court in Abuja has granted former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, bail of N500 million over alleged money laundering charges.
Justice Inyang Ekwo granted the bail after Yisawu pleaded not guilty to an eight-count charge filed against him by the Federal Government.
The charges border on alleged conversion of funds suspected to be proceeds of unlawful activity and cash payments made outside the banking system, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution alleged that Yisawu was involved in transactions exceeding $789,950 and other cash payments totalling $122,600.
Justice Ekwo ordered that the defendant must provide one surety in like sum, who must be a responsible Nigerian with landed property in Abuja.
The court also directed Yisawu to surrender his international passport and obtain permission before travelling outside Nigeria.
Pending the fulfilment of the bail conditions, the former refinery boss will remain in the custody of the prosecution.
The case has been adjourned to October 25, 26 and 27, 2026, for trial.
