Akindele Akintoye remanded in Kuje prison over alleged $35 million refinery fraud
The Managing Director of Atlantic International Refinery and Petrochemical Limited, Akindele Akintoye, has been remanded in Kuje Correctional Centre following his arraignment by the Economic and Financial Crimes Commission (EFCC) over allegations of a $35 million fraud.
Akintoye was arraigned on Monday, December 23, 2024, before Justice Emeka Nwite of the Federal High Court, Abuja, on charges of money laundering and fraudulent contract activities.
The EFCC accused Akintoye of dishonestly obtaining $35 million from the Nigerian Content Development and Monitoring Board (NCDMB). The funds were meant for the construction of a 2,000-barrel-per-day refinery, jetty, gas plant, and other facilities at the Brass Free Trade Zone in Bayelsa State.
According to a statement shared via the EFCC’s official X (formerly Twitter) handle, Akintoye allegedly funneled the money through Atlantic International Refinery and Petrochemical Limited and then diverted it into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., and Adamantine Petrochemical & Refinery Ltd. Additionally, funds were reportedly moved through Bureau de Change outlets.
READ ALSO: Alleged Fraud: Court remands Yahaya Bello in Kuje Prison, adjourns case
EFCC counsel, Ekele Iheanacho, presented a detailed case against Akintoye, highlighting four counts of money laundering. One of the charges 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, being part of 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.”
These charges are violations of the Money Laundering (Prohibition) Act, 2011, as amended, and carry severe penalties.
Akintoye pleaded not guilty to all charges. His counsel, Emmanuel Esadio, applied for bail, citing his client’s health concerns and the need for proper legal consultation. However, EFCC counsel opposed the request, arguing that Akintoye could not be trusted, citing concerns over his potential to commit further crimes and a lack of medical evidence to support claims of ill health.
Justice Emeka Nwite sided with the prosecution, ruling that Akintoye be remanded at the Kuje Correctional Centre pending the outcome of the bail hearing, which was adjourned to December 31, 2024.
The judge stated, “Justice is tripartite—to the accused, the defendant, and society. The prosecution must be given the opportunity to present their case.”
This high-profile case has reignited conversations around corruption and the management of public funds in Nigeria. Many are keenly watching the proceedings to see how the judiciary will handle the matter.
The EFCC has reaffirmed its commitment to ensuring justice is served, emphasizing the need to hold public officials and corporate executives accountable for fraudulent practices.
Follow the Neptune Prime channel on WhatsApp: https://whatsapp.com/channel/0029Va74ZvU2v1IqKByXoX3d
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
