Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, has ordered the remand of Mr. Akindele Akintoye, an oil magnate and Executive Chairman of Atlantic International Refinery and Petrochemical Limited, over allegations of money laundering and contract fraud totalling $35 million.
The Economic and Financial Crimes Commission (EFCC) arraigned Akintoye on Monday, December 24, 2024, on a four-count charge filed on November 19, 2024.
In a tweet on Wednesday, the EFCC alleged that Akintoye fraudulently obtained $35 million from the Nigerian Content Development and Monitoring Board (NCDMB) for the construction of a 2,000-barrel-per-day refinery, gas plant, data centre, and tank farm at the Brass Free Trade Zone in Bayelsa State.
The funds were reportedly funnelled through the bank account of Atlantic International Refinery and Petrochemical Limited and subsequently redirected to four other companies owned by Akintoye: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd., as well as several Bureau de Change outlets.
Akinotye pleaded “not guilty” to all charges. Following his plea, Justice Nwite adjourned the case to December 31, 2024, for a hearing on his bail application.
