EFCC begins trial of oil magnate, Akindele in alleged $35M fraud

The Economic and Financial Crimes Commission, EFCC, on Tuesday in Abuja commenced the trial of an oil magnate, Dr Akintoye Akindele, accused of complicity in the conversion of the sum of $35 million dollars belonging to the Nigeria Content Development and Monitoring Board, NCDMB.

The sum was said to have been converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment in the establishment of a modular refinery, a jetty amongst others in Brass, Bayelsa State.

Akindele was arraigned alongside two others on a four count charge bordering on retaining and using several amounts of the money despite having knowledge that they emanate from an unlawful activity.

The two other defendants in the suit marked: FHC/ ABJ/ CR/ 641/2024, are Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd.

Akindele, however, pleaded not guilty and was admitted to bail to enable him to prepare adequately for his trial.

At Tuesday’s proceedings, the anti-graft agency called its first prosecution witness (PW1), Isreal Sunny Goli, a former member of the Bayelsa State House of Assembly.

The witness had last year petitioned the EFCC over the disbursement of funds for the Brass Fertilizer and Petrochemical Company Ltd, Atlantic International Refinery and Petrochemical Limited and the Brass Petroleum Product Terminal Limited under the immediate Executive Secretary of the NCDMB, Kiyesi Simbi Wabote.