The Economic and Financial Crimes Commission, EFCC, on Monday, December 24, arraigned a businessman, Akindele Akintoye, before Justice Emeka Nwite of
The Economic and Financial Crimes Commission, EFCC, on Monday, December 24, arraigned a businessman, Akindele Akintoye, before Justice Emeka Nwite of the Federal High Court in Maitama, Abuja, on charges of money laundering and contract fraud.
Akintoye is accused of obtaining $35 million from the Nigeria Content Development and Monitoring Board, NCDMB, for the construction of a 2,000-barrel-per-day refinery, jetty, gas plant, data center, and tank farm at the Brass Free Trade Zone in the Okpoama community of Brass Local Government Area, Bayelsa State.
He allegedly proposed the project to the NCDMB, which approved it and provided counterpart funding of $35 million.
The funds, it was gathered, were paid into the bank account of Atlantic International Refinery and Petrochemical Limited, after which Akintoye is accused of diverting the money into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd., as well as through Bureau de Change outlets.
During Monday’s court session, EFCC counsel, Ekele Iheanacho, SAN, informed the court that the defendant was facing a four-count charge filed on November 19, 2024, and requested that the charges be read to him.
One of the counts read: “That you, Akindele Akintoye, and Platform Capital Investment Partners Limited, between December 2020 and February 2021, within the jurisdiction of this Honourable Court, indirectly retained the sum of $16,006,000 (Sixteen Million, Six Thousand United States Dollars), being part of the funds dishonestly converted from the money paid by the NCDMB to Atlantic International Refinery and Petrochemical Limited as investment, knowing the said sum constituted proceeds of unlawful activity, thereby committing an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.”
The defendant entered a plea of not guilty after the charges were read out in court.
Following the plea, Iheanacho, requested that Akintoye be remanded in a Correctional Centre and asked the court to set a date for trial.
On the other hand, the defendant’s lawyer, Emmanuel Esadio, applied for bail, informing the court that the bail application had already been filed and served on the prosecution.
Justice Nwite, however, stressed the need to give the prosecution sufficient time to respond to the bail application, pointing out that the law mandates a 48-hour window before such an application can be considered.
“Justice is tripartite, to the accused, the defendant, and society. I cannot shut out the prosecution, they must be heard,” the Judge said.
Esadio also appealed to the court to have the defendant remanded in EFCC custody, citing concerns about his client’s health and the need for convenient access to legal representation.
However, Iheanacho objected to this request, stating that the EFCC lacked sufficient facilities to accommodate the defendant. He further argued that Akintoye had shown a lack of trustworthiness, including an allegation that he retrieved his international passport despite claiming it was under the court’s custody.
“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime. Additionally, there is no medical evidence before the court to support claims of ill health,” Iheanacho submitted.
After reviewing the arguments presented, Justice Nwite directed that Akintoye be remanded at the Kuje Correctional Centre. The case was then adjourned to December 31, for the hearing of the bail application.
