EFCC Drags Akindele, Oil Magnate to Court Over Alleged $35 Million Fraud
The Economic and Financial Crimes Commission (EFCC) has dragged Dr. Akintoye Akindele, a prominent figure in the oil industry to court over his alleged involvement in the diversion of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB).
According to court documents, the funds were meant for investments in a modular refinery, jetty, and other projects in Brass, Bayelsa State, but were allegedly siphoned off by Akindele and his co-defendants, Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd.
The EFCC alleges that between December 2020 and February 2021, Akindele and Platform Capital retained $16 million, knowing it was part of the misappropriated funds.
They are also accused of using $9 million from the same source during the same period.
Additionally, Akindele and Duport are accused of retaining $784,681 and $220,000, respectively.
Akindele pleaded not guilty to the charges and was granted bail to prepare for his trial.
The EFCC called its first witness, Hon. Israel Sunny Goli, a former member of the Bayelsa State House of Assembly, who testified that he had petitioned the EFCC over alleged mismanagement of funds for the Brass Fertilizer and Petrochemical Company Ltd, Atlantic International Refinery and Petrochemical Limited, and the Brass Petroleum Product Terminal Limited.
Goli told the court that despite the NCDMB’s former Executive Secretary, Kiyesi Simbi Wabote, informing them that $30 million had been paid in full for the project, only site clearing and a non-functional jetty had been completed. He also alleged that staff caravans on-site had been abandoned and overtaken by reptiles.
During cross-examination, Goli refuted claims of security challenges in Brass, stating that there had been no such challenges in the area in the past 24 months. He also stated that he was unaware of any EFCC investigations into the NCDMB or whether the NCDMB had filed a related petition.
The trial was adjourned to July 10 and 15, with the EFCC’s lawyer, R. U. Adagba, praying the court for an adjournment to enable the commission to call its second witness.
Akindele’s lawyer, Chief A. O. Okeaya-Inneh (SAN), had attempted to move an application seeking leave for his client to travel abroad for medical checkups, but it was not heard due to the prosecution’s counter affidavit not being before the court. Justice Ekerete Akpan presided over the proceedings.
