The Economic and Financial Crimes Commission (EFCC) has detained the Managing Director of Atlantic International Refinery and Petrochemical Limited, Akintoye Akindele.
He was arrested over alleged misappropriation, money laundering and diversion of public funds to the tune of $35 million (about N60bn).
Akindele, a former Managing Director of Duport Midstream Company Limited and Chairman of Platform Capital, who is also being tried by the Police over alleged diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd, and bribery of the Police with N150 million, is alleged to linked to various other scams.
The Nigeria Content Development and Monitoring Board was said to have paid $35m to Akindele to build a 2,000 barrel-per-day refinery, jetty, gas plant, power plant, data centre and tank farm at Brass Free Trade Zone, Okpoama Community in Brass Local Government Area of Bayelsa State.
However, after receiving the money in December 2020, Akindele was accused of abandoning the projects.
Akindele, a promoter of the Energy Infrastructure Park financed by the Nigeria Content Development and Monitoring Board, in Okpoama community in Brass LGA of Bayelsa state, initially mooted the idea of the project to the board and the NCDMB embraced it with a counterpart funding to the tune of $35m.
“NCDMB allegedly paid $35m to Akindele to build a 2,000bpd refinery, jetty, gas plant, power plant, data centre and tank farm at Brass Free Trade Zone, Okpoama Community in Brass LGA of Bayelsa State.
“Since December 2020 when the payments were made, Akindele allegedly abandoned the project with little or nothing to show for the huge sum paid to him.”
Source said Akindele allegedly received the money through the Atlantic International Refinery and Petrochemical Limited and sent it to four of his companies.
A source said, “Akindele received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funnelled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd, Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets.
“The EFCC has been on a manhunt for him for several months until he finally showed up when he could no longer bear the fire on him. He was thereafter arrested and detained at the commission’s holding facility in Abuja.”
In May, this year, a former member of the House of Representatives, Israel Sunny-Goli, had petitioned the EFCC to probe multi-million naira investments made by the Nigerian Content Development and Monitoring Board (NCDMB), among which was the Atlantic Refinery project.
He disclosed that a full investment of $35 million was made for the Atlantic Refinery project, which was expected to be a 2,000 bpd modular refinery with a jetty facility and 2MW power plant, with a duration of 24 months completion at the Brass Free Trade Zone (FTZ).
Sunny-Goli said in the petition that; “Its target completion period was 24 months from the date of financial close. Full investment amount of $35m was released in one bullet in October 2020.
“The project has stalled and has little or nothing to show for the disbursement made.”
He listed Dr Akindele Akintoye, NCDMB former Executive Secretary, Simbi Wabote and Director, Finance and Personnel Management, Isaac Yalah as the principal suspects in the alleged scam.
Sources disclosed that Simbi Wabote, Isaac Yalah and some other top functionaries of the NCDMB have been interrogated and even detained by the EFCC.
However, Akintoye, the brain behind the alleged $35 million Atlantic Refinery scam refused to honour the EFCC invitation. Instead, he traveled abroad and spent over one month.
It should be recalled that the NCDMB had in June 2020 invested $35 million in Atlantic International Refinery and Petrochemical Limited (AIRPL), a modular refinery to be located in Bayelsa, with beneficial ownership linked to Admantine Petrochemical and others.
In March this year, the House of Representatives Committee on NCDMB commenced investigation into the $35 million investment in Atlantic International Refinery and Petrochemical Limited (AIRPL) and some other projects executed by the board.
In May this year, the minister of State for Petroleum Resources (Oil), Heineken Lokpobiri alleged that the past executive of NCDMB allegedly wasted about $500m on questionable projects and loans, vowing investigation.
Lopkobiri disclosed this at a dinner held in Lagos by The Petroleum Club. During an interactive session at the event, Lokpobiri alleged that the past leadership of the NCDMB paid $35m for the Brass Modular Refinery in Bayelsa state without anything to show for it.
He said; “In Bayelsa, there was the Atlantic Refinery that was supposed to be in Brass, my predecessor’s hometown. $35m was paid out by NCDMB, not even one block is there. Normally, if the NCDMB is to make an investment, there is a disbursement threshold, but this $35m was released at once. This is the same town that Simbi, the former NCDMB executive secretary comes from. When you go there, what you will see is an open field, not even one block.
“Even when there are documents showing, ‘do not do this refinery of $35m’, it was done against the advice. The money was not paid in installments; it was paid at once. The NCDMB under my leadership is reviewing the entirety of those investments. $190m is almost N200bn, some states don’t have that kind of budget.”
It should be recalled that Akindele, a former Managing Director of Duport Midstream Company Limited and Chairman of Platform Capital, is also being tried by the Police over alleged diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd, and bribery of the Police with N150 million.
More than 20 of the victims of the various scams allegedly perpetrated by Akindele are also in the process of commencing a Class Action against him.
Justice James Kolawole Omotosho of the Federal High Court, Abuja, had on May 9, 2024, ordered that the trial of Akindele in an alleged $5.6m fraud be moved from Abuja to the Lagos division of the court.
Akindele and his company are standing trial on a four-count criminal charge bordering on alleged diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd, founded by the Late Philanthropist and Politician, Chief Moshood Abiola. He is also facing prosecution for allegedly bribing the police with N150 million to stall their investigation.
