Money Laundering: EFCC Arraigns Businessman, Akindele Akintoye For $35m Fraud

The Economic and Financial Crimes Commission, EFCC, on Monday, December 24, 2024, arraigned a businessman, Akindele Akintoye before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, on charges bordering on money laundering and contract fraud.

Akintoye allegedly collected $35million from the Nigeria Content Development and Monitoring Board to build a 2000 barrel-per-day refinery, jetty, gas plant, data centre, and tank farm at Brass Free Trade Zone, Okpoama community in Brass Local Government Area of Bayelsa State.

He allegedly mooted the idea of the project to the Board and the NCDMB embraced it with a counterpart funding to the tune of $35million. He allegedly received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funneled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets

At the court sitting on Monday, EFCC counsel, Ekele Iheanacho, SAN, told the court that the defendant faced a four-count charge filed on November 19, 2024, and requested that the charges be read to the defendant.

One of the counts 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 (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.”

The defendant pleaded “not guilty” after the charges were read to him.

In view of his “not guilty” plea, Iheanacho requested the court to remand Akintoye in a Correctional Centre and sought a trial date.

However, counsel to the defendant, Emmanuel Esadio, applied for bail, stating that the application was filed and served on the prosecution.

Justice Nwite, in his response, emphasized the importance of allowing the prosecution to respond to the bail application, noting that the law requires a 48-hour period before a bail application can be considered.

“Justice is tripartite, to the accused, the defendant, and society. I cannot shut out the prosecution, they must be heard,” the Judge said.

Esadio further requested that the defendant be remanded in EFCC custody, citing his client’s health issues and the need for easy access to legal counsel.

But Iheanacho opposed the request, arguing that the EFCC lacked adequate facilities and that Akintoye had demonstrated untrustworthiness, including allegedly retrieving his international passport after claiming it was in court custody.

“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 submitted.

After considering the arguments, Justice Nwite ordered Akintoye’s remand at the Kuje Correctional Centre and adjourned the matter till December 31, 2024, for hearing on the bail application.