The Economic and Financial Crimes Commission (EFCC) has commenced prosecution of oil magnate Dr. Akintoye Akindele over alleged diversion of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB).
Akindele, alongside Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd, faces four counts of money laundering related to funds meant for a modular refinery and jetty project in Brass, Bayelsa State. The charges allege illegal retention and use of portions between December 2020 and February 2021.
During Tuesday's proceedings at the Federal High Court Abuja (Suit No: FHC/ABJ/CR/641/2024), the EFCC presented its first witness, former Bayelsa lawmaker Hon. Israel Sunny Goli. Goli testified that despite full payment of $30 million, only minimal work was done at the Brass project site.
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"The staff caravans were abandoned and overtaken by reptiles," Goli stated, while admitting uncertainty whether the funds represented equity investment or total project cost.
Akindele pleaded not guilty and was granted bail. His lawyer's request for medical travel abroad was deferred as prosecution's counter-affidavit wasn't filed. Justice Ekerete Akpan adjourned the case to July 10-15 for continuation.
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"EFCC begins $35M fraud trial against oil tycoon Akindele over alleged NCDMB fund diversion for Brass refinery project."