Ex-Warri Refinery MD used laundered funds to buy treasury bills, EFCC alleges

The Economic and Financial Crimes Commission, EFCC, has alleged that the former Managing Director of the Warri Refining and Petrochemical Company Ltd., WRPC, Jimoh Yisawu, used part of allegedly laundered public funds to purchase treasury bills for his personal benefit.

The allegation was contained in an eight-count money laundering charge filed against Yisawu before the Federal High Court in Abuja, where he was arraigned on Monday before Justice Inyang Ekwo.

The former refinery boss pleaded not guilty to all the charges.

According to the charge marked FHC/ABJ/CR/361/2026, the EFCC accused Yisawu of laundering public funds during his tenure as Managing Director of the Warri Refining and Petrochemical Company, a subsidiary of the Nigerian National Petroleum Company Limited, NNPCL, and investing part of the proceeds in treasury bills.

The anti-graft agency said the alleged acts contravened Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act.

Following the defendant’s plea, EFCC counsel, Ekele Iheanacho, SAN, urged the court to fix a date for the commencement of trial.

Counsel to the defendant, Wale Balogun, SAN, subsequently moved an application seeking bail for Yisawu. Although the prosecution opposed the application, Justice Ekwo held that the alleged offences were bailable and admitted the former refinery boss to bail in the sum of N500 million with one surety in like amount.

The court ruled that the surety must be a responsible Nigerian with landed property within the jurisdiction of the court, with the title documents subject to verification.

Justice Ekwo also directed Yisawu to deposit his international passport with the court and ordered that he must not travel outside the court’s jurisdiction without prior approval.

Pending the fulfilment of the bail conditions, the judge ordered that the defendant be remanded in the custody of the EFCC.

The court adjourned the case until Oct. 25, Oct. 26 and Oct. 27 for the commencement of trial.

Yisawu’s arraignment marks the latest in the EFCC’s prosecution of former public officials over alleged financial crimes, with the agency accusing the ex-Warri Refinery chief of diverting public funds into personal investments through treasury bills. The allegations remain before the court, and the defendant is presumed innocent until proven guilty.