Court Grants N500 Million Bail to Ex-Warri Refinery MD

Jimoh Yisawu, the former Managing Director of Warri Refinery and Petrochemical Company, was granted bail in the sum of N500 million by the Federal High Court in Abuja. This decision came after he was arraigned on charges of money laundering filed by the Economic and Financial Crimes Commission (EFCC).

Justice Iyang Ekwo presided over the matter, admitting Yisawu to bail under strict conditions after he pleaded not guilty to eight counts brought against him by the anti-graft agency. The EFCC alleged that between October 2023 and May 2025, Yisawu unlawfully handled foreign currency transactions amounting to hundreds of thousands of dollars during his tenure.

The agency accused him of converting a total of $789,950 and making cash payments without passing through recognized financial institutions, which contravenes the Money Laundering (Prohibition) Act. The court ordered that Yisawu provide sureties and surrender his travel documents, barring him from leaving the jurisdiction without prior approval.

The case has been adjourned for further proceedings.