The planned arraignment of former Managing Director of the Warri Refining and Petrochemical Company, Jimoh Yisawu, on alleged money laundering charges was stalled on Friday after the Federal High Court in Abuja adjourned the matter until July 20 due to the absence of the trial judge.
The case, filed by the Economic and Financial Crimes Commission (EFCC), was listed before Justice Inyang Ekwo but could not proceed because the judge was said to be away on an official engagement.
Yisawu is facing an eight-count charge bordering on alleged money laundering and unlawful handling of 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).
According to the charge marked FHC/ABJ/CR/361/2026, the EFCC accused Yisawu of laundering public funds and using part of the proceeds to purchase treasury bills for himself.
The charge, dated June 22 and filed by senior advocate Ekele Iheanacho, alleges that between October 2023 and May 2025, Yisawu indirectly converted $789,950 through one Samaila Bala. The anti-graft agency claimed the money did not form part of his legitimate earnings as a former public officer with the NNPCL and represented proceeds of unlawful activity.
The EFCC also alleged that within the same period, Yisawu made multiple cash payments exceeding the statutory limit through Samaila Bala without routing the transactions through financial institutions, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In another count, the commission alleged that between February 2024 and March 2025, Yisawu indirectly converted $122,600 through Rasheed Olaitan Yusuf of Rasheedat Anike Global Ventures in Lagos.
The anti-corruption agency further accused him of receiving N25.563 million into his Zenith Bank and Access Bank accounts from JKpeez Impex Co., a contractor linked to an NNPCL subsidiary, despite allegedly knowing the funds were proceeds of unlawful activity.
The EFCC also alleged that on February 21, 2024, Yisawu transferred N65.86 million to Cordros Securities Limited to purchase treasury bills for himself using funds suspected to be proceeds of unlawful activity.
The commission said the alleged offences contravene Sections 18(2)(b) and 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The adjournment comes two days after the EFCC arraigned another former refinery chief, Ahmed Dikko, ex-Managing Director of the Port Harcourt Refining Company, before the same court on a 12-count money laundering charge.
Dikko pleaded not guilty to the charges, and Justice Ekwo fixed October 12 for the commencement of his trial.
(The Whistler)