Akintoye Akindele, Controversial Businessman, Allegedly Refused To Appear In Court Over Alleged Diversion Of N73 Billion

Controversial Oil magnate and former Managing Director of Duport Midstream Company Limited, Mr. Akintoye Akindele, has allegedly refused to appear in court for his trial over alleged diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd.

This is already fueling speculations that Akindele, who is also the CEO of Atlantic Refineries and Chairman of Platform Capital, may have fled the country to avoid arrest and trial by the Economic and Financial Crimes Commission (EFCC).

Akindele, who was to appear before Justice Ambrose Lewis-Allagoa of the Federal High Court, Ikoyi, Lagos, on Wednesday 2 October did not show up.

It was learnt Akindele only sent a lawyer, Mr. Akin Apara from Bolaji Ayorinde Chambers to inform the court that he had an order of another court to travel abroad.

Akindele, who is also being investigated alongside others by the EFCC over alleged misappropriation of the $35 million (about N56 billion) meant for the Atlantic International Refinery and Petrochemical Limited (AIRPL) in Bayelsa State, has refused to honour the anti-graft agency’s invitation.

However, the alleged fraud case has been adjourned to 21 November, 2024, for the commencement of trial.

It will be recalled that Justice James Kolawole Omotosho of the Federal High Court, Abuja, had on 9 May, 2024, ordered that the trial of Akindele in the alleged $5.6million fraud be moved from Abuja to the Lagos division of the court.

Another case of alleged bribery of the Police with the sum of N150 million to stall Akindele’s investigation will begin in Lagos on 29 October 2024.

In May, a former member of the House of Representatives, Israel Sunny-Goli, petitioned the EFCC, seeking the probe of a multi-million naira investments made by the Nigerian Content Development and Monitoring Board (NCDMB), among which was the Atlantic Refinery project.

Sunny-Goli disclosed that a full investment of $35 million was made for the Atlantic Refinery project, which was expected to be a 2,000 bpd modular refinery with a jetty facility and 2MW power plant, with a duration of 24 months completion at the Brass Free Trade Zone (FTZ).

He said in the petition that; “Its target completion period was 24 months from the date of financial close. Full investment amount of $35 million was released in one bullet in October 2020.

“The project has stalled and has little or nothing to show for the disbursement made.”

He listed Akindele, NCDMB former Executive Secretary, Simbi Wabote and Director, Finance and Personnel Management, Isaac Yalah as the principal suspects in the alleged scam.

“I have read in the media that Simbi Wabote, Isaac Yalah and some other top functionaries of the NCDMB have been interrogated and even detained by the EFCC.

“However, Akindele, the brain behind the alleged $35 million Atlantic Refinery scam is yet to honour the EFCC invitation.

“Akindele was alleged to have set up the company with N10 million share capital in 2020, the same year the $35 million Refinery deal was sealed.

“The last time he (Akindele) was invited by the EFCC, he simply sent his lawyer, who was said to have claimed that he had a court order to travel abroad and he traveled since last month.

Sources said Akindele has since moved from Cape Town in South Africa to Paris in France while his last destination was London.