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