FHC Grants N500 Million Bail To Oil Magnate Akintoye Over Alleged Fraud
A Federal High Court in Abuja has granted Mr. Akindele Akintoye, Founder and Chairman of Platform Capital Investment Partners Limited, bail in the sum of N500 million with two sureties in like amount, following charges of alleged financial misconduct.
Justice Emeka Nwite delivered the ruling on Wednesday, emphasising the seriousness of the allegations against Akintoye but highlighting the court’s obligation to ensure justice.
The court mandated that the two sureties provide affidavits of means and own landed property within the court’s jurisdiction, with relevant documents deposited with the deputy registrar. Akintoye was ordered to surrender all international passports and seek court approval for any travel.
Additionally, both Akintoye and his sureties must submit two recent passport photographs each, with the sureties’ residences verified by the court registrar. The prosecution and defence counsel were instructed to jointly supervise and interview the sureties before Akintoye’s release.
The trial was adjourned to March 4, 2025.
The Economic and Financial Crimes Commission (EFCC) accused Akintoye and his companies, Platform Capital Investment Partners Limited and Duport Midstream Company Limited, of diverting intended for the construction of a refinery in Brass, Bayelsa State.
The EFCC alleged that between December 2020 and February 2021, Akintoye indirectly retained million, part of funds dishonestly converted from payments made by the Nigerian Content Development and Monitoring Board (NCDMB) to Atlantic International Refinery and Petrochemical Limited.
The prosecution argued that the funds constituted proceeds of unlawful activity, a violation of Section 15(2)(d) of the Money Laundering Prohibition Act, 2011 (as amended).
Akintoye’s counsel, Esedo, argued that his client deserved bail, citing his presumption of innocence and compliance with bail conditions. Esedo assured the court that Akintoye was not a flight risk and was ready to stand trial, adding that the EFCC had completed its investigation after detaining him for 55 days.
Opposing the bail, EFCC counsel Martha Babatunde argued that Akintoye posed a flight risk and emphasized the weight of the evidence, describing the alleged crime as economic sabotage. She cited Sections 158 and 162 of the Administration of Criminal Justice Act (ACJA), stating that granting bail was at the court’s discretion and not mandatory.
Akintoye and the two companies face a four-count charge involving allegations of financial impropriety, including the dishonest retention of funds meant for investment in the Nigerian oil sector.
The case underscores ongoing efforts by anti-graft agencies to address financial crimes in Nigeria’s critical economic sectors.
