ABUJA — The Economic and Financial Crimes Commission (EFCC) on Tuesday commenced the trial of prominent oil magnate, Dr. Akintoye Akindele, over the alleged misappropriation of $35 million belonging to the Nigeria Content Development and Monitoring Board (NCDMB).
Akindele, alongside Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd, was arraigned before the Federal High Court in Abuja on a four-count charge bordering on money laundering, illegal retention, and dishonest use of public funds.
The case, marked FHC/ABJ/CR/641/2024, centers on a controversial investment made by NCDMB’s Capacity Development Intervention Company Ltd into Atlantic International Refinery and Petrochemical Limited. The funds were earmarked for the development of a modular refinery, jetty, and other infrastructure in Brass, Bayelsa State.
Despite the disbursement, prosecutors allege little to no progress was recorded on the project, prompting suspicion and investigation.
Key Witness Alleges Project Site Was Deserted
At Tuesday’s proceedings, the EFCC presented its first prosecution witness, Isreal Sunny Goli, a former member of the Bayelsa State House of Assembly, who had petitioned the anti-graft agency over the use of the funds.
Goli testified that the then NCDMB Executive Secretary, Kiyesi Simbi Wabote, informed stakeholders that $30 million had been paid in full for the Brass project. However, after 24 months, the only activity observed at the site was land clearing and a non-functional jetty. According to him, staff caravans were abandoned and overtaken by reptiles.
Cross-examined by defense counsel Chief A.O. Okeaya-Inneh (SAN), Goli admitted he could not confirm if the funds were equity investment or full project financing. He also acknowledged not knowing whether the EFCC was investigating the NCDMB or if the agency had lodged any formal complaint.
When questioned by the defense for Duport Midstream and Platform Capital, Mr. B.J. Akomolafe (SAN), the witness stated he had no evidence linking Duport Midstream directly to the receipt of funds.
EFCC Details Alleged Offences
According to the EFCC, Akindele and Platform Capital are accused of indirectly retaining $16,006,000 between December 2020 and February 2021, knowing it to be proceeds of unlawful activity. They also allegedly used $9,048,725 from the same source during the same period.
In a separate charge, Akindele and Duport Midstream are accused of retaining $784,681 and an additional $220,000 from the disbursed funds.
The charges are in violation of Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012), and are punishable under Section 15(3) of the same law.
Bail, Adjournment, and Travel Request
Akindele pleaded not guilty to all charges and was granted bail to enable him to prepare for trial. An application seeking leave for him to travel abroad for medical treatment was stalled due to the absence of a counter-affidavit from the EFCC.
Justice Ekerete Akpan adjourned the matter to July 10 and 15, 2025, for continuation of trial.
The EFCC is expected to call its second witness at the next hearing as the case unfolds.
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