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In another count, the commission accused him of making cash payments totalling $789,950 without routing the transactions through a financial institution, contrary to the Money Laundering Act.
A Federal High Court sitting in Abuja has granted former Managing Director of Warri Refining and Petrochemical Company, Jimoh Yisawu, bail in the sum of ₦500 million.
Justice Inyang Ekwo ordered Yisawu to produce one surety in the same amount following his arraignment by the Economic and Financial Crimes Commission on an eight-count money laundering charge.
Yisawu pleaded not guilty to all the charges.
The EFCC alleged that the former refinery boss indirectly converted $789,950 between October 2023 and May 2025.
In another count, the commission accused him of making cash payments totalling $789,950 without routing the transactions through a financial institution, contrary to the Money Laundering Act.
The EFCC further alleged that Yisawu indirectly converted another $122,600 between February 2024 and March 2025.
Following his plea, the prosecution asked the court to fix a date for trial, but defence counsel moved an application seeking his release on bail.
The lawyer told the court that Yisawu had been on administrative bail granted by the EFCC since March 25, 2025, and urged the judge to admit him to bail.
In his ruling, Justice Ekwo granted the application and ordered that the surety must own landed property within the court’s jurisdiction.
The court registrar must verify the property before Yisawu can be released.
The former refinery boss was also ordered to surrender his travel documents and must not leave the court’s jurisdiction without permission.
He will remain in EFCC custody until all the bail conditions are fulfilled.
