The Managing Director of Atlantic International Refinery and Petrochemical Limited, Akindele Akintoye, has been remanded at the Kuje Correctional Centre over allegations of fraud involving $35 million.
Akintoye was arraigned on Monday, December 23, 2024, before Justice Emeka Nwite of the Federal High Court, Abuja, by the Economic and Financial Crimes Commission (EFCC). He faces charges of money laundering and contract fraud.
According to the EFCC, Akintoye allegedly received $35 million from the Nigerian Content Development and Monitoring Board (NCDMB) as part of a counterpart funding agreement to construct a 2,000-barrel-per-day refinery, jetty, and gas plant at the Brass Free Trade Zone in Bayelsa State. Instead of executing the project, he is accused of funneling the funds into four of his companies—Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., and Adamantine Petrochemical & Refinery Ltd.—and Bureau de Change outlets.
At Monday’s court sitting, EFCC counsel Ekele Iheanacho read one of the four counts against Akintoye: “That you, Akindele Akintoye, and Platform Capital Investment Partners Limited, between December 2020 and February 2021… dishonestly converted $16,006,000 from funds paid by the NCDMB… knowing the said sum constituted proceeds of unlawful activity.”
Akintoye pleaded not guilty to all charges. The EFCC then requested his remand and sought a trial date. However, his counsel, Emmanuel Esadio, applied for bail, citing his client’s health challenges and the need for access to legal representation.
Justice Nwite deferred a decision on the bail application, emphasizing that the prosecution must be allowed the statutory 48 hours to respond. “Justice is tripartite—to the accused, the defendant, and society. I cannot shut out the prosecution; they must be heard,” the judge stated.
Esadio also requested that Akintoye be remanded in EFCC custody for easier access to legal counsel, but this was opposed by Iheanacho, who argued that the EFCC lacked the facilities to accommodate the defendant and highlighted concerns about his trustworthiness.
“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime. Additionally, there is no medical evidence to support claims of ill health,” Iheanacho submitted.
After hearing both sides, Justice Nwite ordered Akintoye’s remand at the Kuje Correctional Centre and adjourned the matter to December 31, 2024, for a hearing on the bail application.
