The Economic and Financial Crimes Commission has arraigned the former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Olasunkanmi Yisawu, before the Federal High Court in Abuja on an eight-count charge bordering on alleged money laundering involving N1.339bn.

Justice Inyang Ekwo presided over the arraignment on Monday, July 20, 2026.

The defendant pleaded not guilty to all the charges, after which the court granted him bail in the sum of N500m, with one surety in like sum.

The charges allege that Yisawu, a former public officer with the Nigerian National Petroleum Company, converted funds that were not part of his known lawful earnings through third parties in multiple transactions between 2023 and 2025.

Following Yisawu’s not-guilty plea, his counsel, Wale Balogun, SAN, applied for bail, assuring the court that his client would remain available throughout the trial.

However, the EFCC’s lead counsel, Ekele Iheanacho, SAN, opposed the application, informing the court that he had filed a 17-paragraph affidavit urging it to deny the defendant bail on the grounds of the seriousness of the alleged offences.

Justice Ekwo subsequently granted Yisawu bail in the sum of N500m with one surety in like sum. The court stipulated that the surety must be a responsible citizen who owns landed property within its jurisdiction.

The court registrar was directed to verify the property and ensure that the original title documents were deposited with the court.

The judge also ordered Yisawu to deposit his international passport with the court and barred him from travelling outside its jurisdiction without prior permission.

He further ordered that the defendant remain in EFCC custody pending the fulfilment of his bail conditions.

The case was adjourned until October 26, 27 and 28, 2026, for trial.

The development comes amid ongoing anti-corruption prosecutions involving prominent Nigerians accused of money laundering and other financial offences.