By Nick Ibe, Abuja

The Economic and Financial Crimes Commission, EFCC arraigned the former Managing Director 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 (One Billion, Three Hundred and Thirty-Nine Thousand Naira).

On Monday, July 20, 2026, the arraignment of an eight-count charge of alleged money laundering was preferref against the defendant.

Count one of the charges reads: “That you Jimoh Olasunkanmi Yisawu, the former Managing Director of Warri Refining and Petrochemical Company Ltd between October, 2023 and May, 2025 in Abuja within the jurisdiction of this Honourable 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 which amount did not form part of your known lawful earning as a former public officer with 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 offence 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, the former Managing Director of Warri Refining and Petrochemical Company Ltd between February, 2024 and March, 2025 in Lagos within the jurisdiction of this Honourable Court 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 did not form part of your known lawful earning as a former public officer with the Nigerian National Petroleum Company Ltd (formerly Nigerian National Petroleum Corporation) when you knew that the said sum of $122,600 constituted proceed of unlawful activity and you thereby committed an offence contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Count six reads: “That you Jimoh Olasunkanmi Yisawu the former Managing Director of Warri Refining and Petrochemical Company Ltd on or about the 21st of February, 2024 in Lagos within the jurisdiction of this Honourable 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 ought to have known that the said sum constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 18(2) (b) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

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

Subsequently, EFCC’s lead counsel, Ekele Iheanacho, SAN told the court he had filed a 17- paragraph affidavit asking the court to deny the defendant bail citing the seriousness of the alleged offence.

Upon hearing the submissions of both parties, Justice Ekwo granted the defendant bail in the sum of N500,000.000 (Five Hundred Million Naira) and a surety in like sum. He said the surety must be a responsible citizen and owner of landed property within the jurisdiction of the court. He directed the court registrar to verify the property and ensure the deposit of the original papers of the property with the court.

Oil prices rose on Thursday after the U.S. launched fresh strikes against Iran, denting hopes for an end to the Iran war and for the full ‌reopening of the Strait of Hormuz, a chokepoint for one-fifth of pre-war global oil supplies.

Brent crude futures rose 78 cents, or 1% to $78.8 a barrel by 0054 GMT. U.S. West Texas Intermediate crude futures were up 74 cents, or 1.01%, at $74.26 a barrel.

Both crude benchmarks, WTI and Brent, ⁠rose more than a dollar in post-settlement trade on Wednesday after the U.S. military began launching fresh strikes on Iran.

Before that, the benchmarks had settled at their highest in over two weeks after U.S. President Donald Trump threatened fresh strikes against Iran as soon as Wednesday night.

The U.S. military said it was launching fresh strikes on Iran aimed at keeping the critical Strait of Hormuz open to traffic, hours after President Donald Trump declared that an interim agreement to end ‌the ⁠war was “over”.

The rush of oil that passed through the strait in recent weeks is over for now, with shipowners expected to take a more cautious stance, IG analyst Tony Sycamore said in a note.

The U.S. said its latest round of attacks was ⁠in response to Tuesday’s assault on three tankers transiting the strait. The U.S. attacks rattled several cities along Iran’s southern coast and left some areas without power.

Iran said on ⁠Wednesday it attacked U.S. military sites in Bahrain and Kuwait in response to earlier U.S. strikes on infrastructure.

Some war underwriters have advised shipping companies to pause ⁠voyages through the Strait of Hormuz, and others are reviewing their policy terms after Iran’s renewed vessel attacks, insurance industry sources said on Wednesday.
Reuters

.. Deals Set to Catalyse Industrial Growth, Enhance Nigeria’s Energy Security
By Aliyu Musa

The Nigerian National Petroleum Company Limited (NNPC Ltd) today announced the signing of six strategic agreements with key partners, ranging from Memorandum of Understanding (MoU), Gas Supply Agreement (GSA), and other gas transportation deals, marking a significant milestone in Nigeria’s journey towards industrial revitalisation and enhanced energy security.

The agreements, executed on the sidelines of the ongoing 25th NOG Energy Week, in Abuja on Tuesday, include: an MoU with Ajaokuta Steel Company Limited (ASCL) ; a Gas Sale Aggregation Agreement (GSAA) with Ajaokuta Steel Company Limited (ASCL); a GSA with UTM FLNG; a Network Entry Agreement with Chevron Nigeria Ltd; a Network Entry Agreement with AGPC, and a Network Entry Agreement with NNPC Exploration & Production Ltd (NEPL).

According to the GCEO NNPC Ltd, Engr. Bayo Bashir Ojulari, the agreements underscore NNPC Ltd.’s commitment to advancing the Federal Government’s gas-based industrialisation agenda, driving sustainable economic growth and enhancing Nigeria’s energy security.

“What we are witnessing today is not just about signing agreements. It is about igniting the engine of Nigeria’s industrialisation. Gas is the key. It is source of revenue and profit. It is also the only product that can have that level of industrial impact on Nigeria, more than any other hydrocarbon.”, Ojulari stated.

He particularly described the agreements as a testament to NNPC Ltd’s shared commitment to transparency, efficiency, and a standardised framework for Nationwide gas utilisation, which will unlock new supply capacity for the domestic market and solidify the role of gas as a catalyst for economic transformation.

Ojulari noted that the agreements signal a new era of strategic partnerships that will drive local content, enhance energy security and accelerate Nigeria’s journey towards becoming a global industrial powerhouse. He described NNPC Ltd as the partner of choice. “We are on a journey, even as we look forward to greater collaboration with industry partners.”

A cornerstone of the signing ceremony was the agreement with Ajaokuta Steel Company Limited (ASCL). In the MoU, NNPC Ltd. and ASCL commit to extend collaboration beyond gas supply, aiming to catalyse the production of raw materials for oil and gas pipes, a critical enabler for major infrastructure projects such as the African- Atlantic Gas Pipeline (AAGP) and the Escravos -Lagos Pipeline System (ELPS) 3.

The MoU is anchored on two major pillars: the revitalisation of the Ajaokuta Steel Complex and the expansion of domestic gas utilisation through the Nigerian Gas Transportation Network Code.

This was complemented by the execution of a 20-year Gas Sale and Aggregation Agreement (GSAA) between NNPC E&P Limited (NEPL), Gas Aggregation Company of Nigeria Ltd/Gte (GACN), and ASCL. This agreement will see the supply of 3MMscf/d of Firm Contract Volumes and 47MMscf/d of Interruptible Contract Volumes to be used as feedstock for the power plant servicing the steel complex .

NNPC Ltd/ Seplat JV also took a major step towards commercialising Nigeria’s vast natural gas resources by signing a 15-year Wet Gas Sale and Purchase Agreement (WGSPA) between the NNPC Ltd/Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture and UTM FLNG Ltd.

Under the agreement, the Joint Venture will supply 200 million standard cubic feet of gas per day (MMscf/d) to the UTM Floating LNG (FLNG) project, providing the long-term feedgas certainty required to support financing and position the project for a Final Investment Decision (FID) in the fourth quarter of 2026.

Further demonstrating its commitment to a regulated and efficient gas market, NNPC Ltd. announced the successful migration of legacy interconnection agreements to the new Nigerian Gas Transportation Network Code. This involved the signing of Network Entry Agreements (NEnAs) with three major gas producers.

These agreements, signed with Chevron Nigeria Limited (CNL), AGPC, and NEPL, will inject up to 800MMscf/d of natural gas into the domestic transportation network. This will serve Nigeria’s power plants, Gas-Based Industries (GBIs), and industrial clusters, significantly enhancing network connectivity and operational flexibility while improving the security of gas supply.

The signing of the various landmark agreements was witnessed by the Honourable Minister of Petroleum (Gas), Rt. Hon. Ekperikpe Ekpo; Honourable Minister of Petroleum ( Oil), Senator Heineken Lokpobiri; Special Adviser to the President on Energy, Ms. Olu Verheijen; Commission Chief Executive of NUPRC, Mrs Oritsemeyiwa Eyesan and Authority Chief Executive of NMDPRA, Rabiu Umar.

These agreements came within the milestone 25th NOG Energy Week themed “Advancing Energy Ambitions for Competitive & Resilient Economies,” which spotlighted the critical role of strategic partnerships in delivering energy and industrial value.