The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, over an alleged ₦1.339 billion money laundering case.
Yisawu appeared before Justice Inyang Ekwo of the Federal High Court, Abuja, on Monday, July 20, 2026, where he was docked on an eight-count charge bordering on the alleged laundering of funds suspected to be proceeds of unlawful activities.
According to the EFCC, the former refinery boss allegedly converted large sums of money in both naira and foreign currency through third parties between October 2023 and May 2025, while serving as a senior official of the Nigerian National Petroleum Company Limited (NNPC Ltd.).
One of the charges alleges that Yisawu indirectly converted $789,950 through an associate, Samaila Bala, despite the funds allegedly not forming part of his legitimate earnings as a public official.
The anti-graft agency also accused him of funnelling $122,600 through another individual linked to a business entity, while a separate count alleges that he transferred ₦65.86 million to Cordros Securities Limited to purchase Treasury Bills using funds suspected to have originated from illegal activities.
The EFCC said the alleged transactions contravened the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Defendant Pleads Not Guilty
When the charges were read in court, Yisawu pleaded not guilty, prompting his counsel, Wale Balogun (SAN), to request that the court grant him bail pending trial.
However, EFCC lead counsel, Ekele Iheanacho (SAN), opposed the application, urging the court to consider the gravity of the allegations and an affidavit filed by the Commission seeking stricter bail conditions.
Court Grants ₦500 Million Bail
After listening to both parties, Justice Ekwo granted the defendant bail in the sum of ₦500 million, with one surety in the same amount.
The court ruled that the surety must own landed property within the court’s jurisdiction, while the property’s title documents must be verified and deposited with the court.
Justice Ekwo further ordered Yisawu to surrender his international passport and barred him from travelling outside Nigeria without prior court approval.
Pending the fulfilment of the bail conditions, the former refinery chief was ordered to remain in EFCC custody.
The case has been adjourned to October 26, 27 and 28, 2026, for the commencement of trial.
The prosecution forms part of the EFCC’s ongoing efforts to investigate and prosecute alleged financial crimes involving former public officials in Nigeria’s oil and gas sector.
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