The Federal High Court sitting in Abuja has granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Olasunkanmi Yisawu, to the tune of ₦500 million.
Yisawu was formally arraigned on Monday, July 20, 2026, by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge bordering on illicit cash transactions, abuse of office, and money laundering. Appearing before presiding judge Justice Inyang Ekwo, the former refinery boss pleaded not guilty to all counts preferred against him.
The Strict Bail Terms
Following the defendant’s plea, his legal counsel moved an application reminding the court that Yisawu had consistently complied with the administrative bail terms granted to him by the EFCC since March 2025.
Delivering his ruling, Justice Ekwo admitted the defendant to bail in the sum of ₦500 million with one surety in like sum. However, the court attached stringent safeguards to prevent any flight risk:
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Property Verification: The surety must possess verifiable landed property within the jurisdiction of the court, which must undergo physical and documentation checks by the court registrar.
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Travel Restrictions: Yisawu was ordered to immediately surrender all his international passports and travel documents to the court registry. He is strictly barred from traveling outside the country or the court’s jurisdiction without explicit judicial permission.
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Remand Order: The judge directed that the former managing director remain in EFCC custody until his legal team completely perfects the bail conditions.
Breakdown of the ₦1.4bn and Dollar Fraud Charges
The prosecution, led by Ekele Iheanacho (SAN) on behalf of the EFCC, alleged that during his tenure as public officer at the Nigerian National Petroleum Company (NNPC) subsidiary, Yisawu systematically diverted public funds outside standard financial institutions.
The eight-count charge details massive cash exchanges and private security investments suspected to be proceeds of unlawful activities:
| Focus of the EFCC Charges | Aggregated Sums & Intermediaries Involved |
| Unrouted Dollar Cash Payments | Accused of indirectly converting and paying $789,950 in cash to one Samaila Bala between October 2023 and May 2025 without routing the transactions through any formal bank. |
| Bypassing the Banking System | Alleged to have laundered an additional $122,600 in cash outside the banking system through Rasheed Yusuf of Rasheedat Anike Global Ventures. |
| Contractor Kickbacks | Charged with receiving ₦25.56 million across his personal Zenith and Access bank accounts from Jkpeez Impex Co., an NNPCL contractor. |
| Private Treasury Purchases | Accused of moving ₦65.86 million to Cordros Securities Limited to buy private treasury bills for himself using illicitly acquired funds. |
Part of a Wider Refinery Probe
Yisawu’s trial is the latest chapter in a sweeping anti-graft crackdown targeting the historic turnaround maintenance (TAM) contracts awarded for Nigeria’s state-owned refineries.
His arraignment follows the separate trial of his counterpart, Ahmed Adamu Dikko, the former Managing Director of the Port Harcourt Refining Company (PHRC). Dikko was arraigned days prior on a 12-count money laundering charge before the same judge, where he secured a ₦150 million bail.
The EFCC has reported recovering over ₦9.4 billion and $21.2 million in cash and linked landed properties so far from its extensive probe into the multi-billion-naira refinery rehabilitation funds. With Yisawu’s plea taken, the court is expected to announce definitive trial dates following the completion of the ongoing court term.
Ayodele Quadri
Correspondent
