Former Warri Refinery Boss Charged with Money Laundering

The Economic and Financial Crimes Commission (EFCC) on Monday brought former Managing Director of Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Yisawu, to the Federal High Court in Abuja. He is facing charges of money laundering.

After pleading not guilty, Judge Inyang Ekwo granted him bail of N500 million with one surety. This arraignment happened weeks after a previous attempt to bring Mr Yisawu to court failed on July 8 because the judge was not available.

The charges were filed on June 22 by EFCC lawyer Ekele Iheanacho, a Senior Advocate of Nigeria (SAN). The EFCC claims Mr Yisawu laundered money from illegal activities while he was managing director of the refinery. Part of this money was allegedly used to buy treasury bills.

Bail Conditions

After the plea, Mr Iheanacho asked for a date to start the trial. But defence lawyer Wale Balogun, also a SAN, requested to move Mr Yisawu’s bail application.

Although the prosecution opposed this, Judge Ekwo granted the bail, saying the alleged offences were bailable. Mr Yisawu was granted bail of N500 million with one surety for the same amount. The surety must own land within the court's area.

The documents proving ownership must be verified by the court registrar. The judge also ordered Mr Yisawu to deposit his international passport with the court. He cannot travel outside Nigeria without the court's permission.

The judge ordered that Mr Yisawu be kept in the EFCC custody until the bail conditions are met. The case was adjourned to October 25, 26, and 27 for the trial to begin.

Details of the Charges

The EFCC claims that between October 2023 and May 2025, Mr Yisawu converted $789,950 through one Samaila Bala. The commission says this money was not part of his lawful earnings as a former public officer at the Nigerian National Petroleum Company Limited (NNPCL), which was previously the Nigerian National Petroleum Corporation (NNPC).

In another charge, the EFCC says Mr Yisawu made cash payments over the legal limit, totaling $789,950, to Samaila Bala without using a bank. They also claim that between February 2024 and March 2025, Mr Yisawu converted $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures. This money also did not come from lawful earnings.

In one count, the EFCC claims Mr Yisawu kept N25.563 million in his Zenith Bank and Access Bank accounts. This money came from JKpeez Impex Co., a contractor for a branch of NNPCL, and he should have known it was from illegal activities.

The commission also claims that on February 21, 2024, Mr Yisawu transferred N65.86 million to Cordros Securities Limited to buy treasury bills. They say he should have known that this money was from illegal activities. The EFCC stated that these actions go against the Money Laundering (Prevention and Prohibition) Act, 2022.

Background Information

PREMIUM TIMES reported on June 29 that the EFCC filed money laundering charges against Mr Yisawu and Ahmed Dikko, the former Managing Director of Port Harcourt Refining Company Limited (PHRC). They are accused of misusing funds meant for the repair of Nigeria’s state-owned refineries.

The EFCC says both former refinery heads laundered money, received payments from contractors connected to the NNPCL, and conducted large cash deals that violate the Money Laundering (Prevention and Prohibition) Act, 2022.

PREMIUM TIMES also reported that the EFCC recovered more than N9.4 billion and $21.2 million, worth about N29.26 billion, along with several properties during the investigation.

On July 8, Mr Dikko was arraigned before the same judge on a 12-count charge. The judge granted him bail of N150 million with one surety and set the trial dates for October 12, 13, and 14.