The Economic and Financial Crimes Commission (EFCC) on Monday, December 24, 2024, brought a businessman, Akindele Akintoye, before Justice Emeka Nwite at the Federal High Court in Maitama, Abuja.
TOPMEDIA gathered that he is facing charges of money laundering and contract fraud involving $35 million.
Akintoye is accused of misusing funds given by the Nigerian Content Development and Monitoring Board (NCDMB) for a major project in Bayelsa State.
The project, planned for the Brass Free Trade Zone in Okpoama, was supposed to include a refinery that could process 2,000 barrels of oil per day, along with a jetty, gas plant, data centre, and tank farm.
According to the EFCC, Akintoye convinced the NCDMB to invest $35 million in the project. Instead of using the money for the project, he allegedly funneled it into other businesses he controls.
These include Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd., and Bureau de Change outlets.
At the hearing, EFCC lawyer Ekele Iheanacho, SAN, informed the court that Akintoye was facing four charges filed on November 19, 2024.
One of the charges claimed that Akintoye kept $16,006,000 of the money dishonestly diverted from the NCDMB investment. This act violates the Money Laundering (Prohibition) Act of 2011, as amended.
When the charges were read, Akintoye pleaded “not guilty.” The EFCC’s lawyer then requested the court to keep Akintoye in a correctional facility until his trial and also asked for a trial date.
Akintoye’s lawyer, Emmanuel Esadio, applied for bail, arguing that the application had already been submitted to the EFCC.
However, Justice Nwite pointed out that the prosecution must be given 48 hours to respond to the bail application as required by law.
“Justice is tripartite, to the accused, the defendant, and society. I cannot shut out the prosecution, they must be heard,” the judge said.
Esadio also asked the court to allow Akintoye to remain in EFCC custody due to health issues and the need for easy access to his lawyers.
However, the EFCC’s lawyer argued against this, stating that the EFCC does not have proper facilities and that Akintoye had shown signs of being untrustworthy, including retrieving his international passport when it was supposed to be in court custody.
“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime. Additionally, there is no medical evidence to support claims of ill health,” Iheanacho stated.
After listening to both sides, Justice Nwite ordered Akintoye to be kept at Kuje Correctional Centre. The case was adjourned to December 31, 2024, for the bail hearing.
The EFCC alleges that the $35 million was meant for a developmental project in Bayelsa State but was instead diverted to personal accounts and businesses owned by Akintoye.
