EFCC Presents First Witness In Oil Magnate’s $35m Fraud Trial

The Economic and Financial Crimes Commission (EFCC) on Tuesday presented its witness in the trial of oil magnate Dr Akintoye Akindele for an alleged $35m fraud.

The witness appeared before Justice Ekerete Akpan of the Federal High Court, Abuja.

Akindele is accused of complicity in the diversion of the funds belonging to the Nigeria Content Development and Monitoring Board (NCDMB).

The sum was for investment in a modular refinery and a jetty, amongst others, in Brass, Bayelsa State.

Akindele was arraigned alongside two others on a four-count charge bordering on retaining and using several amounts of money despite knowing that they emanate from an unlawful activity.

The two other defendants in the suit marked FHC/ABJ/CR/641/2024 are Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd.

Akindele, however, pleaded not guilty and was admitted to N500m bail with two sureties in like sum.

At Tuesday’s proceedings, the anti-graft agency called its first prosecution witness (PW1), Hon. Isreal Sunny Goli, a former member of the Bayelsa State House of Assembly.

The witness had last year petitioned the EFCC over the disbursement of funds for the Brass Fertiliser and Petrochemical Company Ltd, Atlantic International Refinery and Petrochemical Limited and the Brass Petroleum Product Terminal Limited under the immediate Executive Secretary of the NCDMB, Kiyesi Simbi Wabote.

Led in evidence by prosecution counsel, R. U. Adagba, the witness told the court that his petition to the EFCC was filed on the grounds that nothing tangible was done at the project site 24 months after funds were disbursed to the relevant agencies.

According to him, the NCDMB secretary had informed them that the sum of $30m for the project had been paid in full.

During cross-examination by Akindele’s lawyer, Chief A. O. Okeaya-Inneh, a Senior Advocate of Nigeria, the witness stated that, beyond the clearing of the project site and a non-functional jetty, nothing was done by those who collected the money.

He added that the caravans that Atlantic Ltd used to accommodate their staff have been overtaken by reptiles.

While disagreeing with Akindele’s claim that Brass was a difficult environment, he stated that there was no security challenge in the area in the 24 months.

When asked if he knew whether the $35m was an equity investment or for 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 regard to the Brass project, since he is not an investigator.

He also said he does not know if the NCDMB filed any petition in regard to the project.

Also responding to counsel to the 2nd and 3rd defendants, Mr B. J. Akomolafe, a Senior Advocate of Nigeria, the witness stated that he did not come across the name of Duport Midstream in the course of the investigation.

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.

After the end of cross-examination, EFCC’s lawyer, Adagba, prayed the court for an adjournment to enable the commission to 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 proceed because the counter-affidavit filed by the prosecution was not before the court.

Justice Akpan subsequently adjourned till July 10 and 15 for the continuation of the trial.

Akindele and Platform Capital Investment Partners Ltd were said to have, between December 2020 and February 2021, “indirectly retained the sum of $16,006,000 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment when you knew that the said sum of $16,006,000 constituted proceeds of unlawful activity and you thereby committed an offence contrary to section 15(2)(d) of the Money Laundering Prohibition Act, 2011, as amended by Act No. 1 of 2012, and punishable under section 15(3) of the same Act.

“In count two of the charge, they were alleged to have “within the same period indirectly used the aggregate sum of $9,048,725, being part of the funds dishonestly converted from the money paid by the NCDMB to Atlantic Limited as investment.”

In count three, Akindele and Duport were alleged to have indirectly retained the sum of $784,681, being part of the funds converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic Ltd as investment “when you knew that the said sum of $784,681 constituted proceeds of unlawful activity and you thereby committed an offence contrary to section 15(2)(d) of the Money Laundering Prohibition Act, 2011, as amended by (Act No. | of 2012) and punishable under section 15(3) of the same Act.”

Akindele and Duport in count four were also alleged to have, sometime in December 2020, indirectly retained the sum of $220,000, allegedly converted from the money paid by the NCDMB to Atlantic Ltd.

EFCC Presents First Witness In Oil Magnate’s $35m Fraud Trial is first published on The Whistler Newspaper