The Economic and Financial Crimes Commission (EFCC) has arraigned Akindele Akintoye, the Managing Director of Atlantic International Refinery and Petrochemical Limited, before the Federal High Court in Abuja on charges of fraud involving $35 million.
Akintoye appeared before Justice Emeka Nwite on Monday, December 23, 2024, facing accusations of money laundering and contract fraud.
According to the EFCC, Akintoye misappropriated funds obtained from the Nigeria Content Development and Monitoring Board (NCDMB).
These funds were intended for the development of a 2,000-barrel-per-day refinery, a jetty, and a gas plant at the Brass Free Trade Zone in Bayelsa State's Okpoama community.
The commission alleges that between December 2020 and February 2021, Akintoye dishonestly converted $16,006,000 of the $35 million investment for personal use.
During Monday's proceedings, EFCC counsel Ekele Iheanacho informed the court that the charges, filed on November 19, 2024, included violations of the Money Laundering (Prohibition) Act, 2011, as amended.
One of the counts alleged that Akintoye, alongside Platform Capital Investment Partners Limited, knowingly retained part of the unlawfully converted funds.
Akintoye’s counsel, Emmanuel Esadio, filed an application for bail, citing his client’s health concerns and the need for convenient access to legal representation.
Esadio requested that Akintoye be kept in EFCC custody rather than a correctional facility. However, the EFCC opposed the motion, arguing that their facilities were inadequate for long-term detention and accusing Akintoye of being untrustworthy.
The prosecution claimed that Akintoye had previously retrieved his international passport under false pretenses, raising concerns about his potential to abscond.
Justice Nwite emphasized the importance of due process and fairness, noting that the prosecution must be allowed the mandated 48 hours to respond to the bail application.
He stated that justice must serve the accused, the defendant, and society alike. The judge ultimately ruled that Akintoye should be remanded at the Kuje Correctional Centre and adjourned the case to December 31, 2024, for the hearing of the bail application.
This case has sparked widespread attention, highlighting the EFCC’s intensified efforts to combat high-profile financial crimes and ensure accountability in Nigeria’s corporate sector.
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