The Economic and Financial Crimes Commission (EFCC), on Monday, arraigned the Managing Director of Atlantic International Refinery and Petrochemical Limited, Mr. Akindele Akintoye at the Federal High Court, Abuja, over an alleged $35 million fraud.
He was arraigned before Justice Emeka Nwite on charges bordering on money laundering and contract fraud.
On 31 October 2024, Akintoye was arrested by the EFCC and detained at its holding facility in Abuja.
According to a tweet via the commission’s X handle on Wednesday, Akintoye allegedly collected $35 million from the Nigeria Content Development and Monitoring Board (NCDMB) to build a 2,000 barrel-per-day refinery, jetty, gas plant, among others, at the Brass Free Trade Zone, Okpoama community in Brass Local Government Area of Bayelsa State.
He “allegedly mooted the idea of the project to the Board and the NCDMB embraced it with a counterpart funding to the tune of $35 million. He allegedly received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funneled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets”, the tweet stated.
At the court sitting on Monday, EFCC counsel, Ekele Iheanacho, told the court that the defendant faced a four counts filed on 19 November 2024, and requested that the charges be read to the defendant.
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 EFCC noted that Akintoye pleaded “not guilty” after the charges were read to him. Thereafter, the anti-graft agency’s counsel requested the court to remand Akintoye in a correctional centre, and then sought a trial date.
In his response, Justice Nwite stressed the importance of allowing the prosecution to respond to the bail application, noting that the law requires a 48-hour period before a bail 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 further requested that the defendant be remanded in EFCC custody, citing his client’s health issues and the need for easy access to legal counsel.
“But Iheanacho opposed the request, arguing that the EFCC lacked adequate facilities and that Akintoye had demonstrated untrustworthiness, including allegedly retrieving his international passport after claiming it was in court custody”, the tweet read.
“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 considering the arguments, the judge ordered Akintoye’s remand at the Kuje Correctional Centre and adjourned the matter till 31 December 2024, for hearing on the bail application.
