EFCC Sues Former Warri Refinery CEO Over Alleged $1.339 Billion Fraud – THIS FACILITY

The Economic and Financial Crimes Commission, EFCC, has arraigned former CEO of Warri Refining and Petrochemical Company Ltd, Jimoh Olasunkanmi Yisawu before Justice Inyang Ekwo of the Federal High Court sitting in Abuja for alleged money laundering to the tune of N1.339 billion.

He was arraigned on Monday, July 20, 2026, on eight counts of alleged money laundering.

One of the charges reads: “That you Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd between October 2023 and May 2025 at Abuja within the jurisdiction of this honorable court, indirectly converted the aggregate sum of $789,950 (seven hundred and eighty-nine thousand, nine hundred and fifty United States Dollars) through Samaila Bala, amount which was not part of your known statutory earnings as a former officer public to the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $789,950 constituted proceeds of unlawful activity and you thereby committed an offense contrary to Section 18(8)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Count three reads: “That you Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd between February 2024 and March 2025 at Lagos within the jurisdiction of this honorable court, have indirectly converted through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures the aggregate sum of $122,600 (one hundred and twenty-two thousand six hundred United States Dollars) which was not part of your earnings lawyer known as a former public officer in the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $122,600 constituted proceeds of illegal activity and you thereby committed an offense contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

The sixth count reads: “That you Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, on or about the 21st day of February 2024 at Lagos within the jurisdiction of this honorable court, indirectly transferred the sum of N65,860,000 (sixty-five million, eight hundred and sixty thousand Naira) to Cordros Securities Limited for the purchase of treasury bills for yourself when you reasonably should have known that the said sum constituted proceeds of unlawful activity and you have therefore committed an offense contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The accused pleaded not guilty to all charges when they were read to him, prompting his lawyer, Wale Balogun, SAN to pray to the court to grant bail to his client, promising that he will always be available in court for trial.

Subsequently, EFCC Principal Lawyer, Ekele Iheanacho, SAN told the court that he had filed a 17 paragraph affidavit asking the court to deny bail to the accused citing the gravity of the alleged offence.

After hearing submissions from both parties, Justice Ekwo granted the accused bail in the sum of N500,000,000 (Five Hundred Million Naira) and a surety bond in the same amount. He said the guarantor must be a responsible citizen and owner of landed properties within the jurisdiction of the court. He instructed the court clerk to verify the ownership and ensure the deposit of the original ownership documents with the court.

Justice Ekwo further ruled that the defendant should deposit his international passport with the court and ensure that he does not leave the jurisdiction of the court without the prior consent of the court. It held that the accused should remain in the custody of the EFCC, pending his fulfillment of bail conditions.

The trial has been adjourned to October 26, 27 and 28, 2026.

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