The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of Warri Refining and Petrochemical Company Limited, Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja over an alleged N1.339 billion money laundering offence.

Yisawu was arraigned on Monday before Justice Inyang Ekwo on an eight-count charge bordering on alleged money laundering involving foreign currencies and naira transactions.

The EFCC alleged that the former refinery boss, while serving as a public officer with the Nigerian National Petroleum Company Limited (formerly Nigerian National Petroleum Corporation), unlawfully converted funds said to have been proceeds of illegal activities.

In one of the charges, the commission alleged that Yisawu, between October 2023 and May 2025 in Abuja, indirectly converted $789,950 through Samaila Bala, a sum which the EFCC claimed was not part of his known lawful earnings.

Another count accused him of allegedly converting $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures between February and March 2025 in Lagos. The EFCC also alleged that on February 21, 2024, the defendant transferred N65.86 million to Cordros Securities Limited for the purchase of treasury bills, knowing or reasonably expected to know that the funds were proceeds of unlawful activity.

Yisawu pleaded not guilty to all eight counts when the charges were read to him.

Following his plea, his counsel, Wale Balogun, SAN, urged the court to grant him bail, assuring that his client would not evade trial and would be available for all proceedings.

However, EFCC lead counsel, Ekele Iheanacho, SAN, opposed the bail application, presenting a 17-paragraph affidavit urging the court to consider the seriousness of the allegations.

After hearing arguments from both sides, Justice Ekwo granted the defendant bail in the sum of N500 million with one surety in the same amount.

The judge ordered that the surety must be a responsible citizen with landed property within the court’s jurisdiction. He further directed the court registrar to verify the ownership of the property and ensure that the original title documents are deposited with the court.

The case was adjourned for further proceedings.