A Federal High Court in Abuja has granted ₦500 million bail to the former Managing Director of the Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, who is facing trial over alleged money laundering.
Justice Inyang Ekwo admitted the former refinery boss to bail after he pleaded not guilty to an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC), which accuses him of laundering proceeds of alleged unlawful activities during his tenure at the state-owned refinery.
As part of the bail conditions, the court directed Yisawu to provide sureties and comply with other requirements set by the court before he can enjoy the bail.
The EFCC alleges that Yisawu unlawfully converted large sums of money, including foreign currency, which prosecutors say were proceeds of illegal activities linked to his time in office. The anti-graft agency also accused him of conducting transactions that contravened the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Yisawu denied all the allegations when the charges were read in court.
The trial was subsequently adjourned to a later date for the commencement of proceedings.
