The Economic and Financial Crimes Commission (EFCC) has arraigned the former Managing Director of Warri Refining and Petrochemical Company (WRPC), Jimoh Olasunkanmi Yisawu, over an alleged N1.339 billion fraud involving suspected proceeds of unlawful activities.

Yisawu appeared before Justice Inyang Ekwo of the Federal High Court in Abuja on Monday on an eight-count charge bordering on money laundering and the alleged conversion of funds while serving as a senior official of the Nigerian National Petroleum Company Limited (NNPC Ltd).

The anti-graft agency alleged that between October 2023 and May 2025, the former refinery boss channelled about $789,950 through a third party, an amount it said was inconsistent with his lawful earnings as a public officer. It also accused him of converting another $122,600 through another intermediary between February 2024 and March 2025.

The EFCC further alleged that Yisawu transferred N65.86 million to an investment firm to purchase treasury bills using funds suspected to be proceeds of unlawful activities.

He pleaded not guilty to all eight charges.

His counsel, Wale Balogun (SAN), applied for bail, assuring the court that the defendant would not evade trial. However, EFCC counsel Ekele Iheanacho (SAN) opposed the application, urging the court to refuse bail in view of the allegations.

After hearing both parties, Justice Ekwo granted Yisawu bail in the sum of N500 million with one surety in like sum. The court ruled that the surety must own landed property within the court’s jurisdiction, with the title documents to be verified and deposited before the bail conditions are perfected.

The case was adjourned to a date to be fixed for the commencement of trial.