By Ikechukwu Nnochiri
The Federal High Court sitting in Abuja, on Monday, granted bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, to the tune of N500 million.
The ruling came after the defendant pleaded not guilty to an eight-count money-laundering charge preferred by the Economic and Financial Crimes Commission (EFCC) against him.
The defendant was arraigned on the charge, marked FHC/ABJ/CR/361/2026, alleging that he committed offences contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, he indirectly converted the aggregate sum of over $789,950, being proceeds of unlawful activity, thereby acting in breach of Section 18(2)(b) and punishable under Section 18(3) of the Act.
