KEY POINTS
- EFCC trial of oil magnate exposes alleged $35 million fund diversion.
- The oil magnate faces multiple charges for misusing NCDMB investment money.
- Witness details stalled Brass projects during the EFCC trial of oil magnate.
Oil tycoon Dr. Akintoye Akindele was charged by the Economic and Financial Crimes Commission on Tuesday.Â
EFCC trial of oil magnate begins over $35 million theft
The money was purportedly taken from payments made to Atlantic International Refinery and Petrochemical Limited by NCDMB Capacity Development Intervention Company Ltd. In Brass, Bayelsa State, these payments financed investments in a modular refinery, jetty, and other projects.
Akindele and two co-defendants were charged with four counts of keeping and utilizing some of the money. Allegedly, they were aware that the funds were obtained illegally.
The lawsuit FHC/ABJ/CR/641/2024 names Platform Capital Investment Partners Ltd. and Duport Midstream Company Ltd. as the other two defendants.
Akindele and Platform Capital are accused of using approximately $9,048,725 of the stolen money over the same time period in another accusation.
Duport and Akindele are accused separately of keeping \$220,000 and \$784,681 from the same source.
Akindele was given bail to be ready for trial after entering a not guilty plea.
The EFCC called Hon. Israel Sunny Goli, a former member of the Bayelsa State House of Assembly, as its first witness during Tuesday’s sessions.
Goli’s testimony was led by R. U. Adagba, the prosecutor. He said that last year, he filed a petition with the EFCC over suspected fund mismanagement involving Brass Fertilizer and Petrochemical Company Ltd.
He claimed that not much had changed at the project site 24 months after the funds were disbursed.
Chief A. O. Okeaya-Inneh (SAN), Akindele’s attorney, cross-examined Goli, who denied any security issues in Brass over the previous 24 months.
When asked if he was certain that the approximately $35 million was for the project as a whole or for equity investment, he said he was unable to verify that.
“I’m not sure, but the secretary informed us that it was for the project and that it was fully paid for,” he claimed.
Goli had previously informed the court that, as he was not an investigator, he was unsure if the EFCC was bringing charges against NCDMB for the Brass project.
He said he had no knowledge of any EFCC inquiries into NCDMB or if NCDMB had submitted any relevant petitions.
EFCC trial of oil magnate hears testimony from former Bayelsa legislator
In response to Mr. B. J. Akomolafe (SAN), the attorney for the second and third defendants, Goli stated that he was unable to verify whether or not Duport Midstream had received payment.
“The secretary informed us that funds were transferred to Atlantic International Refinery and Petrochemical Limited,” he stated.
According to Punch, Adagba, the attorney for the EFCC, asked for an adjournment to call the commission’s second witness at the end of cross-examination.
Because the prosecution’s counter-affidavit had not yet been presented to the court, the application was not heard.
The trial was postponed by Justice Ekerete Akpan to July 10 and 15 in order to continue.
