EFCC Arraigns Ex-Warri Refinery MD Over Alleged Money Laundering
Former Refinery Chief Faces Money Laundering Charges
THE Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Mr. Jimoh Yisawu, before the Federal High Court in Abuja over alleged money laundering offences linked to his tenure at the state-owned refinery.
Mr. Yisawu pleaded not guilty to the charges when he appeared before Justice Inyang Ekwo on Monday, setting the stage for a trial that forms part of the anti-graft agency’s ongoing investigations into the management of funds earmarked for the rehabilitation of Nigeria’s refineries.
Court Grants Bail Under Strict Conditions
Following the defendant’s plea, EFCC counsel, Ekele Iheanacho (SAN), requested a trial date, while defence counsel, Wale Balogun (SAN), urged the court to grant his client bail.
Although the prosecution opposed the application, Justice Ekwo ruled that the alleged offences were bailable and admitted Mr. Yisawu to bail in the sum of ₦500 million with one surety in the same amount.
The court directed that the surety must own verified landed property within the court’s jurisdiction. It also ordered the former refinery boss to surrender his international passport and barred him from travelling outside Nigeria without prior court approval.
Pending the fulfilment of the bail conditions, the court ordered that he remain in EFCC custody.
Justice Ekwo subsequently adjourned the matter until 25, 26 and 27 October for the commencement of trial.
EFCC Details Alleged Financial Transactions
According to the charge filed by the EFCC, the commission alleged that between October 2023 and May 2025, Mr. Yisawu indirectly converted $789,950 through an associate, funds it claimed represented proceeds of unlawful activities.
The commission further alleged that he made cash payments above the legal threshold without routing the transactions through financial institutions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In another count, the EFCC accused him of converting an additional $122,600 through another individual and retaining more than ₦25.5 million allegedly paid by a contractor linked to a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL).
The anti-graft agency also alleged that he transferred ₦65.86 million to Cordros Securities Limited to purchase treasury bills using funds suspected to be proceeds of unlawful activity.
Part of Wider Refinery Funds Investigation
The case forms part of the EFCC’s broader investigation into the alleged diversion of funds approved for the rehabilitation of Nigeria’s state-owned refineries.
The commission had earlier filed similar charges against the former Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ahmed Dikko, over related allegations involving contractor payments, money laundering and financial concealment.
The EFCC has also disclosed that its investigation led to the recovery of over ₦9.4 billion, $21.2 million, and several landed properties allegedly linked to the ongoing probe.
