EFCC begins trial of oil magnate, Akindele in alleged $35M fraud
The Economic and Financial Crimes Commission (EFCC) on Tuesday in Abuja began the trial of oil magnate Dr. Akintoye Akindele, who is accused of involvement in the unlawful conversion of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB).
The funds in question were reportedly part of an investment by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited. The investment was intended for the development of a modular refinery, a jetty, and other infrastructure in Brass, Bayelsa State.
Akindele, along with two co-defendants, Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd, was arraigned on a four-count charge related to the retention and use of funds allegedly derived from unlawful activity, despite knowing their illicit origin. The case is filed under suit number FHC/ABJ/CR/641/2024.
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Akindele pleaded not guilty and was granted bail to prepare for his defense.
During Tuesday’s proceedings, the EFCC presented its first prosecution witness (PW1), Isreal Sunny Goli, a former member of the Bayelsa State House of Assembly. Goli had petitioned the EFCC in 2023 regarding the disbursement of funds to Brass Fertilizer and Petrochemical Company Ltd, Atlantic International Refinery and Petrochemical Limited, and Brass Petroleum Product Terminal Limited under the leadership of former NCDMB Executive Secretary Kiyesi Simbi Wabote.
Led in evidence by EFCC counsel R.U. Adagba, Goli testified that the petition was based on the lack of visible progress at the project site two years after the funds were disbursed. He said the NCDMB had claimed the full $30 million investment had been paid, yet there was little to show on the ground.
Under cross-examination by Akindele’s counsel, Chief A.O. Okeaya-Inneh, SAN, Goli stated that apart from site clearing and a non-functional jetty, no tangible work had been done. He also described how staff caravans were abandoned and overtaken by reptiles.
Goli refuted the suggestion that security issues hindered progress in Brass, asserting that the area was secure during the 24-month period. When asked whether the $35 million was an equity investment or meant for the entire project, he replied that he didn’t know but was told it was for the entire project.
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He acknowledged not knowing whether the EFCC was also investigating the NCDMB or if the agency had filed a petition regarding the project. In response to questions from B.J. Akomolafe, SAN, counsel to the second and third defendants, Goli said he did not encounter Duport Midstream’s name during the investigation and only knew that funds were paid to Atlantic International Refinery.
Following cross-examination, EFCC counsel Adagba requested an adjournment to allow the commission to present its second witness.
An attempt by Okeaya-Inneh to file a motion seeking permission for Akindele to travel abroad for medical treatment was delayed due to the absence of the prosecution’s counter-affidavit.
Justice Ekerete Akpan adjourned the matter to July 10 and 15 for continuation of the trial.
Between December 2020 and February 2021, Akintoye Akindele and Platform Capital Investment Partners Ltd were accused of indirectly retaining $16,006,000—part of the funds allegedly misappropriated from a payment made by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as an investment. The prosecution claims they were aware that the sum represented proceeds of unlawful activity, thereby violating 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.
In the second count, both defendants are alleged to have, within the same period, indirectly used a total of $9,048,725, also said to be part of the misappropriated funds from the NCDMB investment in Atlantic Limited.
Count three accuses Akindele and Duport Midstream Company Ltd of indirectly retaining $784,681—another portion of the funds dishonestly converted from the NCDMB’s investment in Atlantic Limited. They allegedly knew the money was linked to unlawful activity, in violation of the same legal provisions.
In count four, Akindele and Duport are further alleged to have indirectly retained $220,000 in December 2020, again believed to be part of the misappropriated investment funds from NCDMB to Atlantic Ltd.
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