The Economic and Financial Crimes Commission (EFCC) has officially commenced the prosecution of renowned oil industry figure, Dr. Akintoye Akindele, who stands accused of being complicit in the misappropriation of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday.
The funds in question were allegedly diverted from payments made by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited. These payments were originally intended as investments for a modular refinery, jetty, and other related infrastructure projects in Brass, Bayelsa State.
Dr. Akindele, together with two co-defendants—Platform Capital Investment Partners Limited and Duport Midstream Company Limited—were arraigned on a four-count charge. The charges relate to the unlawful retention and use of portions of the funds, despite knowing that these monies were proceeds of unlawful activity. The case was filed under suit number FHC/ABJ/CR/641/2024.
Specifically, between December 2020 and February 2021, Akindele and Platform Capital Investment Partners Ltd are alleged to have retained $16,006,000, fully aware that the funds had been dishonestly converted from the NCDMB.
This conduct is said to contravene 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 legislation. In addition, they are charged with using $9,048,725 from the misappropriated funds during the same period.
Separately, Akindele and Duport Midstream are accused of unlawfully retaining $784,681 and $220,000, respectively, from the diverted funds.
At the hearing, Dr. Akindele pleaded not guilty to all charges and was granted bail to allow adequate time for trial preparation.
During the proceedings, the EFCC called its first witness, Honorable Israel Sunny Goli, a former member of the Bayelsa State House of Assembly.
Under examination by prosecution counsel R. U. Adagba, Goli testified that he had filed a petition with the EFCC the previous year, raising concerns over alleged mismanagement of funds allocated to Brass Fertilizer and Petrochemical Company Ltd, Atlantic International Refinery and Petrochemical Limited, and Brass Petroleum Product Terminal Limited.
These projects fell under the supervision of the NCDMB’s former Executive Secretary, Mr. Kiyesi Simbi Wabote.
Goli stated that the NCDMB Executive Secretary had informed stakeholders that $30 million had been fully disbursed for the project. However, according to Goli’s testimony, only site clearing and the construction of a non-functional jetty had been completed. Furthermore, he alleged that staff caravans on-site had been abandoned and overtaken by reptiles, indicating significant neglect.
During cross-examination by Dr. Akindele’s lead counsel, Chief A. O. Okeaya-Inneh, SAN, Goli dismissed assertions that security issues had impeded progress on the Brass project. He testified that no security challenges had been reported in the area for the past 24 months.
When questioned about whether the $35 million represented an equity investment or funding for the entire project, Goli responded that he could not confirm the specifics. He explained, “I don’t know, but the secretary told us it was for the project and that payment had been made in full.”
Goli further clarified that he was not privy to whether the EFCC was prosecuting the NCDMB itself concerning the Brass project, emphasizing that he is not an investigator and was unaware of any ongoing EFCC investigations into the board or related petitions filed by the NCDMB.
During questioning by counsel for the second and third defendants, Mr. B. J. Akomolafe, SAN, Goli stated that the Executive Secretary had informed them that payments were made to Atlantic International Refinery and Petrochemical Limited, but he could not confirm any disbursement to Duport Midstream.
At the conclusion of cross-examination, EFCC counsel Adagba requested an adjournment to enable the commission to call its next witness.
An application by Chief Okeaya-Inneh seeking permission for his client, Dr. Akindele, to travel abroad for medical checkups could not be heard because the prosecution’s counter affidavit had not yet been submitted to the court.
Justice Ekerete Akpan subsequently adjourned the trial to July 10 and 15, 2025, for the continuation of proceedings.