Money Laundering: EFCC Arraigns Businessman, Akindele Akintoye for $35m Fraud
The Economic and Financial Crimes Commission (EFCC) on Monday, December 24, 2024, arraigned businessman Akindele Akintoye before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, on charges of money laundering and contract fraud involving $35 million.
The charges stem from allegations that Akintoye misappropriated funds provided by the Nigeria Content Development and Monitoring Board (NCDMB) for a project to construct a refinery and associated facilities in Brass Free Trade Zone, Bayelsa State.
Allegations
The EFCC claims that Akintoye received $35 million through Atlantic International Refinery and Petrochemical Limited, intended for the construction of a 2,000-barrel-per-day refinery, jetty, gas plant, data center, and tank farm. Instead, he allegedly diverted the funds into multiple companies, including Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd., and Bureau de Change outlets.
Court Proceedings
During Monday’s court session, EFCC counsel Ekele Iheanacho, SAN, presented a four-count charge against the defendant, including allegations of dishonest conversion and money laundering.
One of the charges stated:
“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.”
Akindele pleaded not guilty to all charges.
Bail and Remand
Following the plea, the EFCC requested Akintoye’s remand in a correctional facility pending trial. The defense, represented by Emmanuel Esadio, applied for bail, citing the defendant’s health issues and need for legal consultation.
Justice Nwite, however, emphasized procedural requirements, noting that the prosecution must be given 48 hours to respond to the bail application. While the defense sought EFCC custody due to health concerns, the EFCC opposed the request, highlighting Akintoye’s alleged attempts to manipulate court conditions, including retrieving his international passport against orders.
“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 argued.
After deliberation, Justice Nwite ordered Akintoye’s remand at the Kuje Correctional Centre and adjourned the hearing on the bail application to December 31, 2024.
This high-profile case highlights the EFCC’s commitment to combating corruption and financial crimes in Nigeria.
