The Federal High Court in Abuja has granted bail of ₦500 million to former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing trial on an eight-count charge of alleged money laundering.
Yisawu, the sole defendant in case number FHC/ABJ/CR/361/2026, pleaded not guilty to all charges when they were read before Justice Inyang Ekwo on Monday.
The Federal Government, represented by prosecution counsel Ekele Iheanacho (SAN), accused Yisawu of offences under the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges include allegedly converting over $789,950 in proceeds of unlawful activity and making cash payments outside the banking system, including transactions totalling $122,600.
Following his plea, Iheanacho requested a trial date, while defence counsel Wale Balogun (SAN) applied for bail, arguing that Yisawu had already been granted administrative bail and his passport seized.
Justice Ekwo ruled that the defendant was entitled to bail under Section 162 of the Administration of Criminal Justice Act, 2015, granting bail in the sum of ₦500m with one surety of equal value.
The surety must own landed property in Abuja and provide proof of ownership to the court registrar.
The judge also ordered Yisawu to deposit his international passport with the court and barred him from travelling abroad without permission.
Pending the fulfilment of bail conditions, he will remain in custody.The case was adjourned to October 25, 26, and 27, 2026 for trial.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com