EFCC Arraigns Former Warri Refinery MD for Money Laundering

Yisawu, the former Managing Director of Warri Refinery, was arraigned by the Economic and Financial Crimes Commission (EFCC) on eight counts of money laundering before Justice Inyang Ekwo at the Federal High Court in Abuja. He pleaded not guilty to the charges, which allege that he laundered public funds through the purchase of treasury bills while serving as MD of the refinery, a position he held under the Nigerian National Petroleum Company Limited (NNPCL).

EFCC counsel Ekel Iheanacho sought a date to commence the trial, while defense counsel Wale Balogun requested to move for Yisawu's bail application. Although Iheanacho opposed the bail application, Justice Ekwo granted bail on the grounds that the alleged offenses are bailable, setting the bail at N500 million with sureties who must be responsible citizens and possess properties within the court's jurisdiction.

Yisawu was ordered to deposit his international passport with the court and is prohibited from traveling outside the jurisdiction without permission. The matter was adjourned until October 25, 2023, for trial commencement.