Alleged $989,639 Fraud: Ex-Warri Refinery MD Yisawu Arraigned, Granted ₦500m Bail

The immediate past Managing Director of Warri Refining and Petrochemical Company (WRPC) Ltd, Jimoh Olasunkami Yisawu, has been arraigned before the Federal High Court in Abuja over an alleged $989,639 fraud involving the illegal conversion of public funds.

Yisawu was docked on Monday by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge bordering on the alleged unlawful conversion of funds belonging to the state-owned refinery.

According to the anti-graft agency, the former refinery boss allegedly converted $789,950 and $122,600, among other sums, without lawful authority.

The defendant pleaded not guilty to all eight counts after the charges were read before Justice Inyang Ekwo.

Following his plea, EFCC counsel, Ekele Iheanacho (SAN), requested a date for the commencement of trial.

Defence counsel, Wale Balogun (SAN), subsequently sought the court's permission to move his client's bail application.

Although the prosecution opposed the request, Justice Ekwo held that the offences were bailable and admitted Yisawu to bail.

The court granted him bail in the sum of ₦500 million with one surety in like sum.

As part of the bail conditions, the surety must be a responsible Nigerian with landed property within the jurisdiction of the court, while the property documents are to be verified by the court.

Justice Ekwo also ordered Yisawu to deposit his international passport with the court and barred him from travelling outside the court's jurisdiction without prior approval.

Pending the perfection of his bail conditions, the judge directed that the former WRPC managing director remain in the custody of the EFCC.

The matter was adjourned until October 26, 2026, for the commencement of trial.