By TAIYE AGBAJE

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned Jimoh Yisawu, former Managing Director, Warri Refining and Petrochemical Company Ltd, for money laundering.

Yisawu, who was arraigned on eight-count charge before Justice Inyang Ekwo of the Federal High Court in Abuja, pleaded not guilty to all the counts.

After his not guilty plea, the EFCC Counsel, Ekele Iheanacho, SAN, sought a date for the commencement of trial.

The Defence Counsel, Wale Balogun, SAN, subsequently sought and obtained the court’s permission to move the defendant’s bail application.

Although Iheanacho opposed the bail application, Justice Ekwo granted it on the grounds that the alleged offences were bailable.

The judge then admitted Yisawu to N500 million bail with one surety in like sum.

The judge said the surety must be a responsible citizen, with landed property within the court’s jurisdiction and which documents must be verified.

Justice Ekwo, who ordered Yisawu to deposit his international passport with the court, held that the defendant must not travel outside jurisdiction without the permission of the court.

The judge consequently ordered Yisawu to be remanded in the custody of the EFCC pending when he is able to perfect the bail conditions.

He adjourned the matter until Oct. 25, Oct. 26 and Oct. 27 for commencement of trial.

The News Agency of Nigeria (NAN) reports that Yisawu is being prosecuted by the anti-graft agency on allegations bordering on money laundering offences when he served as the MD of the refinery and former public worker with Nigerian National Petroleum Company Ltd (NNPCL).

The EFCC, in the charge marked: FHC/ABJ/CR/361/2026, alleged that Yisawu laundered public funds and used part of the money to purchase treasury bills for himself.

The charge, dated and filed on June 22 by Iheanacho, had Yisawu as sole defendant.

The offence is contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.(NAN)

Update news