The Economic and Financial Crimes Commission on Tuesday commenced the prosecution of an oil magnate, Dr Akintoye Akindele, accused of complicity in the conversion of $35 million belonging to the Nigerian Content Development and Monitoring Board.
The funds were allegedly diverted from payments made by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investments in a modular refinery, jetty, and other projects in Brass, Bayelsa State.
Akindele, along with two co-defendants, were arraigned on a four-count charge related to retaining and using portions of the funds, despite knowing they were proceeds of unlawful activity.
The two other defendants in the case, filed under suit number FHC/ABJ/CR/641/2024, are Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd.
Between December 2020 and February 2021, Akindele and Platform Capital were accused of retaining $16,006,000, knowing it was part of funds dishonestly converted from the NCDMB. This act allegedly contravenes Section 15(2)(d) of the Money Laundering Prohibition Act, 2011 (as amended in 2012) and is punishable under Section 15(3) of the same Act.
In another charge, they are alleged to have used $9,048,725 from the misappropriated funds during the same period.
Akindele and Duport are separately accused of retaining $784,681 and $220,000 from the same source.
Akindele pleaded not guilty and was granted bail to prepare for trial.
At Tuesday’s proceedings, the EFCC called its first witness, Hon. Israel Sunny Goli, a former member of the Bayelsa State House of Assembly.
Led in evidence by prosecution counsel, R. U. Adagba, Goli testified that he petitioned the EFCC last year over alleged mismanagement of funds for the Brass Fertilizer and Petrochemical Company Ltd, Atlantic International Refinery and Petrochemical Limited, and the Brass Petroleum Product Terminal Limited under NCDMB’s former Executive Secretary, Kiyesi Simbi Wabote.
He added that nothing reasonable was done at the project site 24 months after funds were disbursed to the relevant agencies.
Goli stated that the NCDMB secretary had informed them that the sum of $30 million for the project was paid in full, unfortunately only site clearing and a non-functional jetty were completed. He also alleged that the staff caravans on-site had been abandoned and overtaken by reptiles.
During cross-examination by Akindele ‘s lawyer, Chief A. O. Okeaya-Inneh (SAN), Goli refuted claims of security challenges in Brass, stating that there hasn’t been any security challenge in the area in the past 24 months.
When asked if he knew whether the $35 million was an equity investment or for the entire project, he told the court he could not confirm whether the funds were for equity investment or the entire project.
He said, “I don’t know, but the secretary told us it was for the project and it has been paid in full.”
The witness earlier told the court that he does not know if the EFCC was prosecuting the NCDMB in regards to the Brass project, since he is not an investigator.
He stated that he was unaware of any EFCC investigations into NCDMB or whether NCDMB filed a related petition.
Responding to counsel to the 2nd and 3rd defendants, Mr B. J. Akomolafe (SAN), when asked if he was able to ascertain that any money was paid to Duport Midstream, he said, “What the secretary told us is that money was paid to Atlantic International Refinery and Petrochemical Limited.
At the close of cross examination, EFCC’s lawyer, Adagba prayed the court for an adjournment to enable the commission call its second witness in the matter.
An attempt by Okeaya-Inneh to move an application seeking leave for his client to travel abroad for medical checkups could not be heard due to the fact that the counter affidavit filed by the prosecution was not before the court.
Justice Ekerete Akpan adjourned the trial to July 10 and 15 for the continuation of the trial.
https://punchng.com/efcc-begins-trial-of-oil-magnate-akindele-over-35m-fraud