Federal High Court Grants Bail Amid Allegations of $789,950 “Unlawful Conversion”
A Federal High Court in Abuja has granted ₦500 million bail to Jimoh Yisawu, former Managing Director of the Warri Refining and Petrochemical Company, who faces eight counts of alleged money laundering.
Justice Inyang Ekwo ruled on Monday that Yisawu, who pleaded not guilty to all charges, is entitled to bail under the Administration of Criminal Justice Act, 2015.
The Allegations
The Federal Government, through prosecutor Ekele Iheanacho (SAN), accused the former refinery boss of:
· Count 1: Indirectly converting over $789,950 from unlawful activities
· Count 2: Making cash payments exceeding $789,950 to one Samaila Bala without using a financial institution
· Count 4: Making cash payments totaling $122,600 through a third party outside the banking system
All alleged offences violate the Money Laundering (Prevention and Prohibition) Act, 2022.
Bail Conditions
Justice Ekwo imposed strict conditions on the former MD’s freedom:
· ₦500 million bail bond with one surety in like sum
· Surety must be a responsible Nigerian with landed property in Abuja
· International passport deposited with the court
· Travel ban – cannot leave Nigeria without court permission
Until all conditions are perfected, Yisawu will remain in prosecution custody.
Defense Arguments
Yisawu’s counsel, Wale Balogun (SAN), urged the court to maintain the administrative bail terms already granted by the prosecution, noting that his client’s passport had already been seized.
What’s Next?
Trial has been scheduled for October 25, 26 and 27, 2026, as the former refinery chief fights to clear his name.
