According to the EFCC, the funds in question were disbursed by the NCDMB’s Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited
Alleged $35 Million Fraud: EFCC Opens Trial of Oil Tycoon Akintoye Akindele
Abuja – The Economic and Financial Crimes Commission (EFCC) has begun the prosecution of prominent oil magnate, Dr. Akintoye Akindele, over allegations of fraud involving the diversion of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB).
The trial commenced on Tuesday at the Federal High Court, Abuja, with Akindele and two companies — Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd — arraigned on a four-count charge bordering on money laundering and unlawful retention of public funds.
According to the EFCC, the funds in question were disbursed by the NCDMB’s Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited. They were meant for investments in a modular refinery, a jetty, and other infrastructure projects in Brass, Bayelsa State. However, prosecutors claim the money was unlawfully retained and partially spent by the defendants.
The case, filed under suit number FHC/ABJ/CR/641/2024, alleges that between December 2020 and February 2021, Akindele and Platform Capital retained $16 million from the diverted funds, and spent over $9 million during the same period. Additionally, Akindele and Duport Midstream are accused of separately retaining $784,681 and $220,000.
The EFCC says these actions contravene Section 15(2)(d) of the Money Laundering (Prohibition) Act 2011 (as amended in 2012) and are punishable under Section 15(3) of the same Act.
Akindele has pleaded not guilty to all charges and was granted bail to prepare for trial.
The prosecution’s first witness, Hon. Israel Sunny Goli, a former member of the Bayelsa State House of Assembly, testified that he petitioned the EFCC in 2023 over suspected mismanagement of funds linked to the Brass Fertilizer and Petrochemical Company, Atlantic International Refinery, and the Brass Petroleum Product Terminal.
Goli told the court that despite full payment for the project, only site clearing and a non-functional jetty had been completed two years after disbursement. He further alleged that caravans meant for staff had been abandoned and overtaken by reptiles.
Under cross-examination by Akindele’s lawyer, Chief A. O. Okeaya-Inneh (SAN), Goli admitted he could not confirm whether the $35 million was for equity investment or the full project, nor did he know if the EFCC was investigating or prosecuting officials of the NCDMB.
Responding to questions from counsel to the second and third defendants, Mr. B. J. Akomolafe (SAN), Goli stated that he had no direct evidence of payments to Duport Midstream, only what he was told by the NCDMB’s former Executive Secretary.
At the close of proceedings, EFCC counsel R. U. Adagba requested an adjournment to call the commission’s next witness.
An application by Akindele’s counsel seeking court permission for his client to travel abroad for medical treatment could not be heard due to a missing counter-affidavit from the prosecution.
Justice Ekerete Akpan adjourned the matter until July 10 and 15 for continuation of the trial. Read More
