Former Warri Refinery Boss Faces Money Laundering Charges

The arraignment of Jimoh Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Limited (WRPC), on money laundering charges did not happen as planned at the Federal High Court in Abuja on Friday.

The court has now set a new date for the arraignment on 20 July because the trial judge, Inyang Ekwo, was away for an official engagement.

The Economic and Financial Crimes Commission (EFCC) filed eight charges of money laundering against Mr Yisawu. These charges are linked to his time as managing director of the Warri refinery and his work as a public officer with the Nigerian National Petroleum Company (NNPC) Limited.

The delay in Mr Yisawu's arraignment took place just a day after the EFCC charged Ahmed Dikko, the former Managing Director of Port Harcourt Refining Company Limited (PHRC), on Wednesday. Dikko faces 12 counts of money laundering.

Judge Ekwo, who is also handling Dikko’s case, granted him bail set at N150 million with one surety. The trial for Dikko will start on 12, 13, and 14 October.

These prosecutions are part of the EFCC's efforts to hold former refinery officials responsible for funds used for the maintenance of the country’s refineries. Over the years, various governments, including the one led by former President Muhammadu Buhari, have spent public money on the maintenance of government-owned refineries, which have failed to produce refined petrol.

The EFCC claims both former refinery heads laundered money from illegal activities. They allegedly received payments from contractors hired by NNPC, using accounts meant to hide illegal funds. They also made large cash transactions that broke the Money Laundering (Prevention and Prohibition) Act, 2022.

PREMIUM TIMES reported that during the investigation, the EFCC recovered over N9.4 billion and $21.2 million, worth about N29.26 billion, along with several properties. This brings the total value of cash and assets linked to the refinery investigation to about N38.66 billion.

Charges Against Yisawu

In the eight counts against Mr Yisawu, the EFCC claims he laundered money by diverting public funds and used part of this money to buy treasury bills for himself.

The EFCC lawyer, Ekele Iheanacho, a Senior Advocate of Nigeria (SAN), filed the eight charges on 22 June, naming Mr Yisawu as the only defendant.

In the first charge, the EFCC says that between October 2023 and May 2025, Mr Yisawu indirectly converted $789,950 through Samaila Bala. The commission claims this amount was more than his legal earnings as a public officer and was from illegal activity.

The second charge states he made cash payments totaling $789,950 to Mr Bala during the same period without going through a bank, which breaks the Money Laundering Act.

In the third charge, the EFCC alleges that between February 2024 and March 2025, Mr Yisawu converted $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures. Again, the commission argues this money was not from his lawful earnings.

The fifth charge claims Mr Yisawu received N25.563 million in his Zenith Bank and Access Bank accounts from JKpeez Impex Co., a contractor with an NNPCL subsidiary, knowing or should have known that this money was from illegal activity.

In the sixth charge, the EFCC says that on 21 February 2024, Mr Yisawu transferred N65.86 million to Cordros Securities Limited to buy treasury bills for himself with funds believed to be from illegal activities.

The commission states these alleged offenses violate the Money Laundering (Prevention and Prohibition) Act, 2022.