On December 23, 2024, the Economic and Financial Crimes Commission (EFCC) arraigned Akindele Akintoye, the Managing Director of Atlantic International Refinery and Petrochemical Limited, at the Federal High Court in Abuja. He faces charges of money laundering and contract fraud.
Akintoye was arrested by the EFCC on October 31, 2024, and held in Abuja. According to a tweet by the EFCC, he allegedly received $35 million from the Nigeria Content Development and Monitoring Board to build a refinery, jetty, and gas plant at the Brass Free Trade Zone in Bayelsa State. Instead, he allegedly funneled the funds into four of his companies.
At the court, EFCC counsel Ekele Iheanacho presented four counts filed against Akintoye. One count stated that Akintoye and his company, Platform Capital Investment Partners Limited, retained $16,006,000, knowing it was proceeds from unlawful activities.
Akintoye pleaded not guilty. The EFCC requested his remand and a trial date, while his counsel applied for bail. Justice Emeka Nwite emphasized the need to allow the prosecution to respond to the bail application.
The judge ordered Akintoye's remand at the Kuje Correctional Centre and adjourned the case to December 31, 2024, for the bail hearing.
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