A Federal High Court in Abuja on Monday granted bail of 500 million naira ($325,000) to the former managing director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing trial on eight counts of alleged money laundering.

Yisawu pleaded not guilty to all the charges after they were read before Justice Inyang Ekwo.

The charges, filed by the federal government on June 22, allege violations of the Money Laundering (Prevention and Prohibition) Act, 2022.

Prosecutor Ekele Iheanacho, a Senior Advocate of Nigeria (SAN), told the court that Yisawu was accused of laundering proceeds of unlawful activities through a series of cash transactions.

According to the first count, the former refinery chief allegedly “indirectly converted” more than $789,950, said to be proceeds of unlawful activity, contrary to the provisions of the anti-money laundering law.

The prosecution further alleged that Yisawu made cash payments exceeding $789,950 to one Samaila Bala without routing the transactions through a financial institution, as required by law.

Another count accused him of making additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system.

Following Yisawu’s plea, Iheanacho asked the court to fix a date for trial.

Defence counsel Wale Balogun (SAN) urged the court to grant his client bail, arguing that the prosecution had earlier admitted him to administrative bail during the investigation and had already taken custody of his international passport.

The prosecution opposed the application, saying it had filed a counter-affidavit asking the court to refuse bail.

In his ruling, Justice Ekwo held that the defendant was entitled to bail under the Administration of Criminal Justice Act, 2015.

The judge granted bail in the sum of N500 million with one surety in like sum.

He ordered that the surety must be a responsible Nigerian who owns landed property in Abuja and must provide proof of ownership to the court registrar.

Justice Ekwo also directed Yisawu to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior approval of the court.

Pending the fulfilment of the bail conditions, the judge ordered that the former refinery boss remain in the custody of the prosecution.

The case was adjourned until October 25, 26 and 27 for trial.