The Federal High Court in Abuja on Monday granted ₦500 million bail 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 the case marked FHC/ABJ/CR/361/2026, pleaded not guilty to all charges after they were read before Justice Inyang Ekwo. The charges were filed by the Federal Government on June 22, 2026, under the Money Laundering (Prevention and Prohibition) Act, 2022.

According to the prosecution, led by Ekele Iheanacho (SAN), Yisawu allegedly converted more than $789,950, said to be proceeds of unlawful activities, and made cash payments of the same amount to one Samaila Bala without using a financial institution, contrary to the provisions of the law.

The government also alleged that he made additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf outside the banking system, in violation of the anti-money laundering law.

Following Yisawu’s plea, the prosecution requested a trial date, while defence counsel, Wale Balogun (SAN), urged the court to grant bail, noting that his client had earlier been granted administrative bail and had already surrendered his international passport. The prosecution opposed the application.

In his ruling, Justice Ekwo held that the defendant was entitled to bail under the Administration of Criminal Justice Act and granted him bail in the sum of ₦500 million with one surety in like sum.

The court ordered that the surety must be a responsible Nigerian who owns landed property in Abuja and must provide proof of ownership to the court. Yisawu was also directed to deposit his international passport with the court and was barred from travelling outside Nigeria without prior court approval.

Pending the fulfilment of the bail conditions, the judge ordered that the defendant remain in the custody of the prosecution.

The case was adjourned to October 25, 26 and 27, 2026, for the commencement of trial.