Refinery MD remanded in Kuje over alleged $35m fraud

The Managing Director of Atlantic International Refinery and Petrochemical Limited, Akindele Akintoye, was remanded in the Kuje Correctional Centre on Monday, December 23, 2024, following his arraignment by the Economic and Financial Crimes Commission (EFCC) on allegations of a $35 million fraud.

Akintoye appeared before Justice Emeka Nwite of the Federal High Court, Abuja, on charges of money laundering and contract fraud.

The EFCC, in a statement, alleged that Akintoye fraudulently secured $35 million from the Nigerian Content Development and Monitoring Board (NCDMB) for the construction of a 2,000-barrel-per-day refinery, jetty, gas plant, and other facilities at the Brass Free Trade Zone in Bayelsa State.

According to the EFCC’s X (formerly Twitter) handle, “He allegedly received the funds through the account of Atlantic International Refinery and Petrochemical Limited and funneled the money 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.”

During the hearing, EFCC counsel Ekele Iheanacho detailed the four counts filed against Akintoye, emphasizing his alleged misuse of the funds.

One of the charges 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.”

Akintoye pleaded “not guilty” to all charges. Following this, the EFCC’s counsel requested the court to remand him in a correctional facility and sought a trial date.

The defendant’s counsel, Emmanuel Esadio, applied for bail, stating that a formal application had been submitted to the prosecution. Justice Nwite, however, emphasized the need for the prosecution to respond, citing the legal requirement of a 48-hour notice before a bail application is heard.

“Justice is tripartite—to the accused, the defendant, and society. I cannot shut out the prosecution; they must be heard,” Justice Nwite stated.

Esadio requested that his client remain in EFCC custody, citing health concerns and the need for easier access to legal counsel.

However, Iheanacho opposed this, arguing that the EFCC lacked adequate facilities and raising concerns about Akintoye’s trustworthiness. “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 said.

The judge ruled in favor of remanding Akintoye at the Kuje Correctional Centre and adjourned the case to December 31, 2024, for a hearing on the bail application.