The Economic and Financial Crimes Commission (EFCC) on Tuesday commenced the trial of oil magnate, Dr. Akintoye Akindele, at the Federal High Court in Abuja over an alleged $35 million fraud involving funds belonging to the Nigerian Content Development and Monitoring Board (NCDMB).
Akindele is facing a four-count charge alongside two corporate entities—Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd—in a case marked FHC/ABJ/CR/641/2024.
According to the EFCC, the defendants allegedly diverted funds paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment for infrastructure projects in Brass, Bayelsa State, including a modular refinery and jetty.
The anti-graft agency alleged that between December 2020 and February 2021, Akindele and Platform Capital dishonestly retained $16,006,000, which was part of the funds paid by NCDMB, knowing it to be proceeds of unlawful activity—an offence contrary to Section 15(2)(d) of the Money Laundering Prohibition Act, 2011 (as amended), and punishable under Section 15(3) of the same Act.
In another count, the EFCC accused the defendants of indirectly using $9,048,725 from the same pool of funds, while also alleging that Akindele and Duport retained $784,681 and $220,000 in separate transactions, all believed to be proceeds of unlawful activity.
During Tuesday’s proceedings, the EFCC presented its first prosecution witness, Hon. Israel Sunny Goli, a former member of the Bayelsa State House of Assembly. Led in evidence by EFCC counsel R.U. Adagba, Goli testified that he wrote a petition to the EFCC after observing that little to no work had been done on the Brass project site 24 months after the full disbursement of funds.
According to Goli, the then Executive Secretary of NCDMB, Simbi Wabote, had confirmed that $30 million had been paid for the project, yet the only visible development on the ground was land clearing and a non-functional jetty. He added that the caravans used by Atlantic Ltd for accommodation had been overtaken by reptiles.
Under cross-examination by Akindele’s counsel, Chief A.O. Okeaya-Inneh (SAN), Goli denied claims that Brass was a difficult terrain, asserting there was no security issue that would have hindered the project.
Asked whether he was aware that the $35 million was meant as equity investment rather than total project funding, Goli said he only knew what the NCDMB secretary told them—that the funds had been fully paid for the project.
He also admitted not being an investigator and could not confirm whether the EFCC was prosecuting NCDMB officials or whether the agency had filed a petition on the matter.
When cross-examined by counsel for the second and third defendants, Mr. B.J. Akomolafe (SAN), Goli admitted that he did not come across Duport Midstream during his inquiries, and that he had no direct evidence of any funds paid to them.
After the cross-examination, EFCC counsel sought an adjournment to call the next witness. An application by Akindele’s counsel for permission to allow his client travel for medical reasons could not proceed as the prosecution’s counter-affidavit was not before the court.
Justice Ekerete Akpan subsequently adjourned the case to July 10 and 15 for continuation of trial.
