EFCC Arraigns Ex-Warri Refinery MD, Yisawu Over Alleged N1.339bn Money Laundering

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over an alleged N1.339 billion money laundering scheme. Yisawu was brought before Justice Inyang Ekwo on an eight-count charge bordering on alleged money laundering involving cash transactions in naira and foreign currency said to have taken place between October 2023 and May 2025. According to the EFCC, the former refinery boss allegedly converted $789,950 through one Samaila Bala, an amount the anti-graft agency said did not form part of his lawful earnings as a public officer with the Nigerian National Petroleum Company Limited (NNPC Ltd.) and was suspected to be proceeds of unlawful activity. READ ALSO: - Naira Abuse: Obidient Movement Accuses EFCC Of Targeting Obi Supporters - Face Corruption Cases, Leave Activists Alone, POMR Tells EFCC - EFCC Appeals N10m Defamation Judgment In Agunloye Mambilla Project Case The Commission also alleged that between February 2024 and March 2025, Yisawu indirectly converted another $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. In another count, the EFCC accused the former managing director of transferring N65.86 million to Cordros Securities Limited on February 21, 2024, for the purchase of treasury bills, alleging that the funds were proceeds of unlawful activity. Yisawu pleaded not guilty to all eight charges when they were read in court. Following his plea, defence counsel Wale Balogun (SAN) applied for bail, assuring the court that the defendant would not jump trial, while EFCC lead counsel Ekele Iheanacho (SAN) opposed the application, urging the court to refuse bail because of the gravity of the allegations. After listening to both parties, Justice Ekwo granted the defendant bail in the sum of N500 million with one surety in like sum. The court ruled that the surety must be a responsible citizen who owns landed property within the court’s jurisdiction, while directing the court registrar to verify the property documents and retain the original title documents pending the trial. The case was adjourned for the commencement of trial.