The EFCC has dragged the former MD of Warri Refinery to court on charges of money laundering

The Economic and Financial Crimes Commission (EFCC) will on Friday charge former Managing Director of Warri Refining and Petrochemical Company Ltd, Jimoh Yisawu, to court for alleged money laundering.

He will appear before Justice Inyang Ekwo of the Federal High Court, Abuja on eight charges, including alleged conversion of $789,950 and $122,600.

Count one of the eight-count indictment alleges that between October 2023 and May 2025, Yisawu indirectly converted a total of $789,950 through one Samaila Bala.

“That you, Jimoh Olasunkanmi Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, between October 2023 and May 2025 in Abuja, within the jurisdiction of this honorable court, indirectly converted the aggregate amount of $789,950 through Samaila Bala, which amount did not form part of your known legitimate income as a former public officer in the Nigerian National Petroleum Company Ltd (formerly the Nigerian National Petroleum Corporation), when you knew that the amount “The said $789,950 was proceeds from unlawful activities, and thereby you committed an offense contrary to Section 18(2)(b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022,” it read.

According to Count 2, Yisawu allegedly made various cash payments exceeding N5,000,000 or the equivalent of a total of $789,950 to Samaila Bala without going through a financial institution, an offense which the EFCC said was in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

The indictment further alleges that between February 2024 and March 2025, Yisawu indirectly converted $122,600 through Rasheed Yusuf of Rasheedat Anike Global Ventures, again allegedly in cash and outside the banking system.

“That you Jimoh Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, between January and June 2015 in Lagos within the jurisdiction of this honorable court, used the aggregate amount of N25,563,000 received into your Zenith Bank Plc Account No. 1003198602 and Access Bank Plc Account No. 0001283432 from Jkpeez Impex Co. of Nigerian National Petroleum Corporation (now Nigerian National Petroleum Company Ltd) when you should have known that the said amount was the proceeds of unlawful activity and thereby committed an offense contrary to section 15(2)(d) and punishable under section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended,” he added.

Other amounts included: transferring N65,860,000 to Cordros Securities Limited to purchase sovereign debt securities in its name; and withheld N15,000,000 and N3,000,000 respectively, paid into his Stanbic IBTC account by one Olasinka Fragene Justice on behalf of Ebenco Global Link Limited, described as “a contractor of the Nigerian National Petroleum Company Limited.”