A Federal High Court in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, in the sum of N500 million after he pleaded not guilty to an eight-count money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Yisawu was arraigned before Justice Inyang Ekwo on allegations of laundering proceeds of unlawful activities and making large cash transactions outside the banking system, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the former refinery boss allegedly converted more than $789,950 believed to be proceeds of unlawful activities. The anti-graft agency also accused him of making cash payments exceeding that amount to one Samaila Bala without using a financial institution.
The commission further alleged that Yisawu made additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system.
The defendant pleaded not guilty to all eight charges.
Following his plea, his counsel, Wale Balogun (SAN), urged the court to grant him bail, arguing that the EFCC had earlier released his client on administrative bail and had already seized his international passport.
The prosecution, led by Ekele Iheanacho (SAN), opposed the application, urging the court to consider its counter-affidavit challenging the request for bail.
In his ruling, Justice Ekwo held that the offences were bailable and admitted Yisawu to bail in the sum of N500 million with one surety in like sum.
The court ordered that the surety must be a responsible Nigerian who owns landed property within Abuja and must provide valid proof of ownership.
Justice Ekwo also directed the former refinery chief to surrender his international passport and ruled that he must not travel outside Nigeria without prior approval from the court.
The judge further ordered that Yisawu remain in the custody of the EFCC until he fulfills all the conditions attached to his bail.
