EFCC Begins Trial of Oil Tycoon Akintoye Akindele Over Alleged $35M Fraud
The Economic and Financial Crimes Commission (EFCC) on Tuesday commenced the trial of oil magnate, Dr. Akintoye Akindele, over alleged involvement in the unlawful conversion of $35 million belonging to the Nigeria Content Development and Monitoring Board (NCDMB).
Akindele, alongside Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd, faces a four-count charge bordering on money laundering and fraudulent retention of funds intended for the development of a modular refinery and jetty project in Brass, Bayelsa State.
The funds were originally disbursed by NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as an investment in the project.
All defendants pleaded not guilty. Justice Ekerete Akpan granted Akindele bail to allow him to prepare for trial.
