TUES JULY 21 2026-theGBJournal| The Economic and Financial Crimes Commission, (EFCC) has arraigned the former Managing Director of Warri Refining and Petrochemical Company Ltd, Jimoh Olasunkanmi Yisawu for alleged money laundering to the tune of N1.339 billion.
He was arraigned on Monday, on an eight-count charge of alleged money laundering before Justice Inyang Ekwo of the Federal High Court sitting in Abuja.
The first count is for fraud allegedly committed between October, 2023 and May, 2025 in Abuja within the jurisdiction of the Honourable Court in which he indirectly converted the aggregate sum of $789, 950 through Samaila Bala, an offence contrary to Section 18 (8) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Count three relates to the conversion of the aggregate sum of $122,600 which did not form part of his known lawful earning as a former public officer with the Nigerian National Petroleum Company, committed contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Count six accuses him of indirectly transferring the sum of N65.860, million to Cordros Securities Limited for the purchase of treasury bills for himself, an offence contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The defendant pleaded not guilty to all the charges when they were read to him, prompting his counsel, Wale Balogun, SAN to pray the court to grant his client bail, promising that he will always be available in court for trial.
Subsequently, EFCC’s lead counsel, Ekele Iheanacho, told the court he had filed a 17- paragraph affidavit asking the court to deny the defendant bail citing the seriousness of the alleged offence.
Upon hearing the submissions of both parties, Justice Ekwo granted the defendant bail in the sum of N500 million and a surety in like sum.
He said the surety must be a responsible citizen and owner of landed property within the jurisdiction of the court. He directed the court registrar to verify the property and ensure the deposit of the original papers of the property with the court.
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