EFCC arraigns oil magnate for alleged diversion of $16m

The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned the Chairman of Platform Capital Investment Partners Limited, Akindele Akintoye, for the alleged diversion of $16 million at the Federal High Court, Abuja.

Akintoye was arraigned alongside Platform Capital Investment Partners Limited and Duport Midstream Company Limited, where he is also the managing director, for the alleged diversion of $16 million which was part of the funds meant for the construction of a refinery in Brass, Bayelsa State.

The commission alleged that the defendants dishonestly converted the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) to Atlantic International Refinery and Petrochemical Limited as an investment between December 2020 and February 2021.

The offence, EFCC said, was contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 20!2) and punishable under Section [5(3) of the same Act.

Justice Emeka Nwite adjourned the matter till December 31 and ordered that Akintoye be remanded in a correctional centre pending the hearing and determination of his bail application.

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