Ex-Warri Refinery Boss Lands N500m Bail Over N1.34bn Money Laundering Trial

​The Economic and Financial Crimes Commission (EFCC) has stepped up its high-stakes probe into Nigeria’s oil sector, formally arraigning Jimoh Olasunkanmi Yisawu, the former Managing Director of the Warri Refining and Petrochemical Company Ltd (WRPC). Yisawu was docked before Justice Inyang Ekwo of the Federal High Court in Abuja on an eight-count charge bordering on alleged money laundering to the tune of N1.339 billion.

​The prosecution, led by EFCC counsel Ekele Iheanacho, SAN, told the court that the defendant allegedly abused his office between October 2023 and May 2025. Court documents reveal that Yisawu allegedly converted massive sums of foreign exchange—including $789,950 through third-party conduits like Samaila Bala and $122,600 via Rasheed Olaitan Yusuf—outside recognized financial institutions.

​Further counts allege that the former refinery chief retained funds from contractors tied to the Nigerian National Petroleum Company Limited (NNPCL) subsidiaries and funneled N65.86 million into treasury bills through Cordros Securities Limited, knowing the monies constituted proceeds of unlawful activities.

​When the charges were read, Yisawu pleaded not guilty. While defence counsel Wale Balogun, SAN, pushed for a liberal bail term, the anti-graft agency strongly opposed it, citing the gravity of the economic offense.

ADVERTISEMENT

​In his ruling, Justice Ekwo granted the defendant bail in the sum of N500 million, alongside a surety in like sum. The court ordered that the surety must be a responsible citizen owning verified landed property within the court’s jurisdiction, with original title documents deposited with the court registrar. Additionally, Yisawu is mandated to surrender his international passport and remain in EFCC custody until all bail conditions are completely fulfilled.

​The trial has been adjourned to October 25, 26, and 27, 2026, for substantive hearing.