The Managing Director of Atlantic International Refinery and Petrochemical Limited, Akindele Akintoye, has been remanded at the Kuje Correctional Centre following allegations of a $35 million fraud. The Economic and Financial Crimes Commission (EFCC) arraigned Akintoye at the Federal High Court in Abuja on Monday, December 23, 2024, on charges of money laundering and contract fraud.
The charges stem from funds allegedly obtained from the Nigeria Content Development and Monitoring Board (NCDMB) under the pretense of constructing a 2,000 barrel-per-day refinery, jetty, and gas plant at the Brass Free Trade Zone in Bayelsa State. According to the EFCC, Akintoye funneled the $35 million into private companies and Bureau de Change outlets, rather than executing the proposed project.
During the court proceedings, the EFCC’s counsel, Ekele Iheanacho, outlined how Akintoye purportedly diverted $16 million of the funds through Platform Capital Investment Partners Limited, one of four companies linked to the defendant. Akintoye pleaded not guilty to the charges read against him.
The defense sought bail on grounds of Akintoye’s health and the need for easy access to legal counsel, urging the court to permit his continued detention in EFCC custody. However, the prosecution opposed the motion, citing inadequate EFCC facilities and alleging that Akintoye had previously attempted to retrieve his international passport under false pretenses, raising concerns about his trustworthiness.
Justice Emeka Nwite emphasized the need for fairness in considering the bail application, granting the prosecution the mandatory 48-hour period to respond. Rejecting the request for EFCC custody, the court ordered Akintoye’s remand at Kuje Correctional Centre, setting December 31, 2024, as the date for the bail hearing.
The case has sparked public outrage and heightened calls for transparency and accountability in public-private sector partnerships. The EFCC assured the public of a thorough investigation and reaffirmed its commitment to ensuring justice in the high-profile case.