EFCC prosecutes Akintoye Akindele, Duport Midstream CEO, over ‘$35m fraud’

Akintoye Akindele and his firms, Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd are is in fresh trouble over alleged $35 million fraud.

The Economic and Financial Crimes Commission (EFCC) on Tuesday began the prosecution of oil magnate and his firms over the misappropriation of the said funds belonging to the Nigerian Content Development and Monitoring Board (NCDMB).

According to the EFCC, the funds were purportedly diverted from payments made by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited.

The funds were intended as investments for a modular refinery, jetty, and other infrastructure projects in Brass, Bayelsa State.

Akindele was arraigned alongside two corporate entities — Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd — on a four-count charge involving the retention and use of funds suspected to be proceeds of unlawful activity.

The case, marked FHC/ABJ/CR/641/2024, alleges that between December 2020 and February 2021, Akindele and Platform Capital retained $16,006,000, despite knowing the money was part of fraudulently converted funds from the NCDMB.

The alleged action violates Section 15(2)(d) of the Money Laundering Prohibition Act, 2011 (as amended in 2012) and is punishable under Section 15(3) of the same law.

They are also accused of using $9,048,725 from the diverted funds during the same period. Separately, Akindele and Duport are alleged to have retained $784,681 and $220,000, respectively.

Akindele pleaded not guilty and was granted bail to enable him to prepare for trial.

During the trial’s opening session, the EFCC called its first witness, Hon. Israel Sunny Goli, a former lawmaker in the Bayelsa State House of Assembly.

Led in testimony by EFCC counsel R. U. Adagba, Goli said he had submitted a petition to the anti-graft agency in 2024, citing concerns over the management of funds disbursed for the Brass Fertilizer and Petrochemical Company Ltd, Atlantic International Refinery, and the Brass Petroleum Product Terminal Ltd, under the tenure of former NCDMB Executive Secretary, Kiyesi Simbi Wabote.

He testified that 24 months after funds were disbursed, minimal progress had been made at the project site:

“Nothing reasonable was done at the project site 24 months after funds were disbursed,” Goli said.

He claimed that although the NCDMB secretary informed stakeholders that $30 million had been fully paid for the project, only basic site clearing and a non-functional jetty were observed on site. He further stated:

“The staff caravans on-site had been abandoned and overtaken by reptiles.”

Under cross-examination by Chief A. O. Okeaya-Inneh (SAN), counsel for Akindele, Goli denied any recent security challenges in Brass:

“There hasn’t been any security challenge in the area in the past 24 months,” he asserted.

When questioned about the nature of the $35 million — whether it was for equity investment or the full project — Goli admitted:

“I don’t know, but the secretary told us it was for the project and it has been paid in full.”

He also stated he was not aware of any EFCC investigation targeting the NCDMB itself: “I am not an investigator,” he said, when asked whether the EFCC was prosecuting the NCDMB in connection with the matter.

In response to questions from Mr. B. J. Akomolafe (SAN), counsel to the second and third defendants, Goli clarified that he had no personal knowledge of funds paid to Duport Midstream, adding:

“What the secretary told us is that money was paid to Atlantic International Refinery and Petrochemical Limited.”

At the end of the session, EFCC’s counsel Adagba requested an adjournment to allow the commission to call its next witness.

Okeaya-Inneh’s attempt to move an application requesting permission for his client to travel abroad for medical checkups was stalled, as the prosecution’s counter affidavit was not available before the court.

Justice Ekerete Akpan subsequently adjourned the matter to July 10 and 15 for continuation of the trial.