Alleged funds diversion: Court remands oil magnate

A Federal High Court in Abuja on Tuesday, ordered that Akindele Akintoye, Founder and Chairman of Platform Capital Investment Partners Limited, should be remanded in Kuje Correctional Centre.

Justice Emeka Nwite gave the order shortly after Akintoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on allegations bordering on diversion of $26,,060, 406.00 US dollars meant to build a refinery in Brass, Bayelsa.

Justice Nwite, who adjourned the matter until Dec. 31, directed Akintoye, to remain in the correctional centre pending the hearing and determination of his bail application.

It was reported that the EFCC had sued Akintoye, Platform Capital Investment Partners Limited and Duport Midstream Company Limited, where he is also the Managing Director and CEO, as 1st to 3rd defendants respectively.

The anti-graft agency, in the charge marked: FHC/ABJ/CR/641/V/2024 dated and filed on Dec. 19 by its lawyer, Ekele Iheanacho, SAN, preferred four counts against the trio.

Akintoye and Platform Capital Investment Partners Limited were alleged to have, between December, 2020 and February, 2021, indirectly retained 16 million dollars.

The amount, the EFCC said, was part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.

The said sum of $16, 006, 000 is alleged to constitute proceed of unlawful activity.

The offence, EFCC said, is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 20!2) and punishable under Section [5(3) of the same Act.

In count two, Akintoye and Platform Capital were alleged to have, between December, 2020 and January, 2021, indirectly used the aggregate sum of $9, 048, 725 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.

The said sum of $9, 048, 725 is said to constitute proceeds of unlawful activity and the offence is contrary to Section 15 (2) (d) of the Moncey Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.

In count three, Akintoye and Duport Midstream Company Limited were alleged to have, sometime in March 2021, retained the sum of $785, 681 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemicals Limited as investment.

The sum is said to constitute proceed of unlawful activity.

The offence, the commission said, is contrary to Section 15 (2) (d) of the Moncey Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of
2012) and punishable under Section 15(3) of the same Act.

The EFCC, in count four, accused Akintoye and Duport Midstream of allegedly retaining the sum of $220, 000 being patt of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.

The money is said to be proceed of unlawful activity and the offence is 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.

After the charge was read to Akintoye, he and on behalf of the companies, pleaded not guilty to all the counts.

The EFCC’s counsel, Iheanacho, prayed the court for a trial date and urged the court to remand Akintoye in a correctional centre after the non-guilty plea by the defendants.

The defence lawyer, Emmanuel Esedo, told the court that a bail application on Akintoye’s behalf had been filed.

The lawyer, who said the application was filed on Dec. 23, sought the leave of the court to move the motion.

Iheanacho, however, opposed the submission.

The senior lawyer said that besides being served with the bail application in the open court, he would need time to respond to the process.

After a lengthy argument by the prosecution and the defence lawyers, Justice Nwite agreed with Iheanacho’s submission.

The judge subsequently adjourned the matter until Dec. 31 for the hearing of the bail application.

He ordered Akintoye to be remanded in Kuje Correctional Centre pending the hearing and determination of the application.

It was reported that the Nigerian Content Development and Monitoring Board (NCDMB) and Akintoye were said to have entered a refinery deal around December 2020, after the latter indicated his interest to build a refinery.

The NCDMB, a government-owned organisation established to support local content development and implement policies to improve indigenous participation in the oil and gas sector, was alleged to have released the sum of 35 million dollars to a bank account to be managed by Akintoye and the Finance Director of NCDMB.

The agency said while 35 million dollars was released by the board as an investment into Atlantic International Refinery and Petrochemical Limited planned to be built by Akintoye, the 1st defendant (Akintoye) was also expected to contribute 15 million dollars to the project.

The ownership of the refinery is said to be on 60 to 40 per cent ratio. While NCDMB would have 40 per cent share, Akintoye would get 60 per cent share.

However, Akintoye was alleged to have moved the money ($35 million) into a separate account to which he was the sole signatory, and the funds ($35 million) thereafter were allegedly disbursed to his companies’ accounts and other accounts.