EFCC Arraigns Lagos Businessman Akindele Akintoye Over Alleged $35 Million Fraud
The Economic and Financial Crimes Commission (EFCC) on Monday, December 23, 2024, arraigned Lagos businessman Akindele Akintoye before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, on charges of money laundering and contract fraud.
Akintoye is accused of diverting $35 million provided by the Nigerian Content Development and Monitoring Board (NCDMB) for a project in the Brass Free Trade Zone, Bayelsa State. The funds were allocated for the construction of a 2,000-barrel-per-day refinery, jetty, gas plant, data center, and tank farm in Okpoama community, Brass Local Government Area.
According to the EFCC, Akintoye funneled the funds through Atlantic International Refinery and Petrochemical Limited into his other companies, including Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd., and Bureau de Change outlets.
During Monday’s proceedings, EFCC counsel Ekele Iheanacho presented a four-count charge against Akintoye, including allegations of retaining $16,006,000, part of the funds allegedly dishonestly converted from the NCDMB’s investment.
Akintoye pleaded not guilty to all charges.
Following the plea, Iheanacho requested the court to remand the defendant in a correctional facility and set a trial date. However, Akintoye’s counsel, Emmanuel Esadio, filed for bail, citing the defendant’s health and need for access to legal counsel.
Justice Nwite declined to rule on the bail application, emphasizing the need for the prosecution to respond within the legally mandated 48-hour period.
“Justice is tripartite—to the accused, the defendant, and society. The prosecution must be given the opportunity to respond,” the judge stated.
Esadio sought remand in EFCC custody, citing Akintoye’s health concerns, but Iheanacho opposed, arguing that the EFCC lacked the facilities to accommodate the defendant and highlighting his alleged untrustworthiness, including claims of recovering his international passport under false pretenses.
After considering the submissions, Justice Nwite ordered Akintoye’s remand at the Kuje Correctional Centre and adjourned the case to December 31, 2024, for the hearing of the bail application.
