EFCC Arraigns Former Warri Refinery MD Over Alleged Money Laundering
The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Managing Director of Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Yisawu, at the Federal High Court in Abuja on charges of money laundering. Yisawu pleaded not guilty to the charges, prompting Justice Inyang Ekwo to grant him bail in the sum of N500 million with one surety in the like amount.
The arraignment occurred weeks after an earlier attempt on 8 July failed because Justice Ekwo did not sit. The charges were filed on 22 June by EFCC lawyer Ekele Iheanacho, a Senior Advocate of Nigeria (SAN). The anti-graft agency alleges that Yisawu laundered proceeds of unlawful activity during his tenure as managing director and used part of the funds to purchase treasury bills.
Bail Conditions and Trial Date
After the defendant pleaded not guilty, Iheanacho applied for a trial date. Defence lawyer Wale Balogun, also a SAN, moved Yisawu's bail application, which the prosecution opposed. However, Justice Ekwo granted bail, ruling that the alleged offences are bailable. The judge ordered that the surety must be a responsible citizen owning landed property within the court's jurisdiction, with title documents verified by the court registrar.
Justice Ekwo further directed Yisawu to deposit his international passport with the court and prohibited him from traveling outside Nigeria without judicial permission. Pending perfection of the bail conditions, the defendant was remanded in EFCC custody. The court adjourned the case to 25, 26, and 27 October for trial commencement.
Details of the Charges
The EFCC alleges that between October 2023 and May 2025, Yisawu indirectly converted $789,950 through one Samaila Bala. The commission claims the money did not form part of his known lawful earnings as a former public officer of the Nigerian National Petroleum Company Limited (NNPCL) and constituted proceeds of unlawful activity.
In another count, the EFCC alleges that Yisawu made cash payments exceeding the statutory threshold, amounting to $789,950, to Samaila Bala without passing the funds through a financial institution. Additionally, between February 2024 and March 2025, Yisawu allegedly indirectly converted $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures, funds that also did not form part of his lawful earnings.
Additional Allegations
In count five, the EFCC alleges that Yisawu retained N25.563 million paid into his Zenith Bank and Access Bank accounts by JKpeez Impex Co., a contractor to an NNPCL subsidiary, when he reasonably ought to have known the funds were proceeds of unlawful activity. Furthermore, on 21 February 2024, Yisawu allegedly transferred N65.86 million to Cordros Securities Limited to purchase treasury bills for himself with funds he knew were proceeds of unlawful activity.
According to the EFCC, these offences contravene the Money Laundering (Prevention and Prohibition) Act, 2022.
Background of the Case
Premium Times reported on 29 June that the EFCC filed money laundering charges against Yisawu and former Managing Director of Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, over alleged diversion of funds approved for the rehabilitation of Nigeria's state-owned refineries. The commission accused both former refinery chiefs of laundering proceeds of unlawful activities, receiving payments from NNPCL contractors, using accounts to conceal illicit funds, and conducting large cash transactions contrary to the Money Laundering Act.
Premium Times also reported that the EFCC recovered over N9.4 billion and $21.2 million (valued at about N29.26 billion), along with several landed properties, during the investigation. On 8 July, Dikko was arraigned before the same judge on a 12-count charge. Justice Ekwo granted him bail of N150 million with one surety and set trial dates for 12, 13, and 14 October.
