The Economic and Financial Crimes Commission (EFCC) arraigned Akindele Akintoye, Managing Director of Atlantic International Refinery and Petrochemical Limited, at the Federal High Court in Abuja over an alleged $35 million fraud.
Akintoye appeared before Justice Emeka Nwite on charges of money laundering and contract fraud.
The EFCC had earlier arrested Akintoye on October 31, 2024, and held him at its detention facility in Abuja.
In an official statement shared on its X handle, the EFCC alleged that Akintoye secured $35 million from the Nigeria Content Development and Monitoring Board (NCDMB) to construct a 2,000-barrel-per-day refinery, jetty, gas plant, and other facilities at the Brass Free Trade Zone in Okpoama, Bayelsa State.
The commission claimed, “He allegedly proposed the project to the NCDMB, which approved a counterpart funding of $35 million. The funds were transferred to Atlantic International Refinery and Petrochemical Limited’s bank account but were reportedly diverted into four other companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd., and various Bureau de Change outlets.”
During the court session, EFCC counsel Ekele Iheanacho informed the judge that Akintoye faced four charges filed on November 19, 2024, and requested that they be formally read out.
One of the charges read, “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, 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.”
Akintoye pleaded “not guilty” to the charges. Following his plea, the EFCC counsel requested that he be remanded in a correctional facility and a trial date be set.
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