Alleged Funds Diversion: Court Orders Remand of Oil Magnate
A Federal High Court in Abuja on Tuesday ordered that Akindele Akintoye, founder and chairman of Platform Capital Investment Partners Limited, be remanded in Kuje Correctional Centre.
Justice Emeka Nwite gave the order shortly after Akintoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on allegations bordering on the diversion of $26,060, 406.00 meant to build a refinery in Brass, Bayelsa.
Justice Nwite, who adjourned the matter until December 31, directed Akintoye, to remain in the correctional centre pending the hearing and determination of his bail application.
The EFCC had sued Akintoye, Platform Capital Investment Partners Limited and Duport Midstream Company Limited, where he is also the managing director and CEO, as 1st to 3rd defendants respectively.
The anti-graft agency, in the charge marked: FHC/ABJ/CR/641/V/2024 dated and filed on Dec. 19 by its lawyer, Ekele Iheanacho, preferred four counts against the trio.
Akintoye and Platform Capital Investment Partners Limited were alleged to have, between December 2020 and February 2021, indirectly retained 16 million dollars.
The amount, the EFCC said, was part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as an investment.
The said sum of $16, 006, 000 is alleged to constitute proceed of unlawful activity.
The offence, EFCC said, is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 20!2) and punishable under Section 5 (3) of the same Act.
In count two, Akintoye and Platform Capital were alleged to have, between December 2020 and January 2021, indirectly used the aggregate sum of $9, 048, 725 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.
The said sum of $9, 048, 725 is said to constitute proceeds of unlawful activity and the offence is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.
In count three, Akintoye and Duport Midstream Company Limited were alleged to have, sometime in March 2021, retained the sum of $785, 681 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemicals Limited as investment.
The sum is said to constitute the proceed of unlawful activity.
The offence, the commission said, is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.
The EFCC in count four, accused Akintoye and Duport Midstream of allegedly retaining the sum of $220, 000 being paid of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.
The money is said to be proceed of unlawful activity and the offence is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 2012) and | punishable under Section 15(3) of the same Act.
After the charge was read to Akintoye, he and on behalf of the companies, pleaded not guilty to all the counts.
The EFCC’s counsel, Iheanacho, asked the court for a trial date and urged it to remand Akintoye in the correctional centre after the non-guilty plea by the defendants.
Emmanuel Esedo, the defence lawyer, told the court that a bail application on Akintoye’s behalf had been filed.
The lawyer, who said the application was filed on December 23, sought the leave of the court to move the motion.
Iheanacho, however, opposed the submission.
The senior lawyer said that besides being served with the bail application in the open court, he would need time to respond to the process.
After a lengthy argument by the prosecution and the defence lawyers, Justice Nwite agreed with Iheanacho’s submission.
The judge subsequently adjourned the matter until December 31 for the hearing of the bail application.
