ABUJA, Nigeria — The Economic and Financial Crimes Commission (EFCC) on Tuesday, May 20, 2025, began the trial of oil magnate Dr. Akintoye Akindele, who is accused of unlawfully retaining and using $35 million allocated for energy infrastructure development in Bayelsa State.
According to the EFCC, the funds were disbursed by the Nigerian Content Development and Monitoring Board (NCDMB) through its Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited. The funds were intended for investment in a modular refinery, jetty, and other projects in the Brass area of Bayelsa State.
Co-Defendants and Charges
Akindele was arraigned at the Federal High Court in Abuja alongside two corporate co-defendants: Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd. The case—registered as FHC/ABJ/CR/641/2024—includes four counts of money laundering and unlawful retention of funds.
The EFCC alleges that Akindele and Platform Capital retained $16,006,000 between December 2020 and February 2021, violating Section 15(2)(d) of the Money Laundering Prohibition Act, 2011 (as amended in 2012), and spent $9,048,725 during that same period. Akindele and Duport were also accused of unlawfully retaining $784,681 and $220,000, respectively.
All defendants pleaded not guilty. Akindele was granted bail to prepare for trial.
First Witness Testifies
The prosecution’s first witness, Hon. Israel Sunny Goli—a former member of the Bayelsa State House of Assembly—testified that he petitioned the EFCC over alleged mismanagement of funds allocated to the Brass Fertilizer and Petrochemical Company Ltd and associated projects.
Goli claimed that approximately $30 million was disbursed during the tenure of former NCDMB Executive Secretary Kiyesi Simbi Wabote, but only minimal work had been done—such as basic site clearing and the construction of a non-operational jetty. He described the project site as neglected, with caravans overrun by reptiles.
Cross-Examination and Case Developments
Under cross-examination, Goli acknowledged that the Brass area had remained secure for the past two years. However, he admitted he was uncertain whether the $35 million was intended as an equity investment or as full project funding.
He also stated he had no direct knowledge of EFCC’s investigations into the NCDMB or whether the agency had filed any official complaint. He said he was told funds had been paid to Atlantic International Refinery but could not confirm direct transfers to Duport Midstream.
The EFCC requested an adjournment to present its second witness. Meanwhile, an application by Akindele’s legal team to allow him to travel abroad for medical reasons could not be heard, as the prosecution had not filed its counter affidavit in time.
Justice Ekerete Akpan adjourned the case to July 10 and 15, 2025, for further proceedings (source).
