The Federal High Court in Abuja has granted 500 Million Naira bail to the former Managing Director of the Warri Refining and Petrochemical Company Limited, Jimoh Yisawu, who is facing trial over an alleged money laundering case.
Justice Inyang Ekwo admitted Yisawu to bail after he pleaded not guilty to an eight-count charge filed against him by the Federal Government.
The court ordered him to provide one surety in the same amount.
The surety must be a responsible Nigerian with landed property in Abuja, with ownership documents to be verified by the court registrar.
Justice Ekwo also directed the former refinery boss to deposit his international passport with the court and prohibited him from travelling outside Nigeria without prior approval.
Pending the fulfilment of the bail conditions, Yisawu will remain in the custody of the prosecution.
The charges, filed under the Money Laundering (Prevention and Prohibition) Act, 2022, allege that Yisawu converted proceeds of unlawful activities amounting to more than $789,950 and made several cash payments outside the banking system, including transactions involving Samaila Bala and Rasheed Olaitan Yusuf, contrary to the provisions of the anti-money laundering law.
Although the prosecution opposed the bail request, the defence argued that Yisawu had previously been granted administrative bail and had already surrendered his international passport.
Justice Ekwo ruled that the defendant was entitled to bail under the Administration of Criminal Justice Act and fixed October 25, 26 and 27, 2026, for the commencement of trial.
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(Editor: Roluke Ogundele)
