Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission has arraigned the former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja on an eight-count charge bordering on alleged money laundering to the tune of N1.339 billion. Justice Inyang Ekwo presided over the arraignment on Monday, July 20, 2026, where the defendant pleaded not guilty to all charges. The EFCC alleged that Yisawu, while serving as a public officer with the Nigerian National Petroleum Company Limited, engaged in a series of illegal financial transactions involving the conversion of funds through intermediaries.
According to the charge sheet, the defendant is accused of indirectly converting the aggregate sum of $789,950 through one Samaila Bala between October 2023 and May 2025, an amount that did not form part of his known lawful earnings. The prosecution further alleged that between February 2024 and March 2025, Yisawu indirectly converted $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures, also outside his known lawful income. In count six, the EFCC alleged that on or about February 21, 2024, the defendant transferred N65,860,000 to Cordros Securities Limited for the purchase of treasury bills for himself, an amount he reasonably ought to have known constituted proceeds of unlawful activity.
Following the defendant's not guilty plea, his counsel, Wale Balogun, a Senior Advocate of Nigeria, prayed the court to grant his client bail, assuring that he would always be available for trial. However, the EFCC's lead counsel, Ekele Iheanacho, also a Senior Advocate of Nigeria, opposed the application, filing a 17-paragraph affidavit urging the court to deny bail due to the seriousness of the alleged offence. After hearing submissions from both parties, Justice Ekwo granted the defendant bail in the sum of N500 million with one surety in like sum. The surety must be a responsible citizen and owner of landed property within the court's jurisdiction, with the court registrar directed to verify the property and ensure the deposit of the original title documents.
Justice Ekwo also ordered the defendant to deposit his international passport with the court and barred him from travelling outside the court's jurisdiction without prior permission. He further ruled that the defendant should remain in EFCC custody pending the fulfilment of his bail conditions. The case was adjourned to October 26, 27, and 28, 2026, for continuation of trial. The charges against Yisawu are brought under Sections 18(2)(b) and 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, which prescribe severe penalties for offences involving the conversion or transfer of proceeds of unlawful activities.
The arraignment of the former Warri Refinery boss is part of the EFCC's ongoing crackdown on corruption and financial crimes within Nigeria's oil and gas sector, which has been plagued by allegations of mismanagement and fraudulent practices. The commission has intensified its investigative and prosecutorial efforts against individuals implicated in diverting public funds, particularly those holding senior positions in state-owned enterprises. Yisawu's case adds to a growing list of high-profile prosecutions targeting former executives of NNPC subsidiaries, as the anti-graft agency continues its campaign to recover stolen assets and hold public officials accountable for their actions while in office.
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