EFCC Arraigns Businessman Akindele Akintoye Over Alleged $35 Million Fraud

On December 24, 2024, the Economic and Financial Crimes Commission (EFCC) arraigned businessman Akindele Akintoye before Justice Emeka Nwite at the Federal High Court in Maitama, Abuja. He faces charges related to money laundering and contract fraud.

Akindoye, the Managing Director of Atlantic International Refinery and Petrochemical Limited, is accused of collecting $35 million from the Nigeria Content Development and Monitoring Board (NCDMB) for the construction of a 2,000 barrel-per-day refinery, as well as a jetty, gas plant, data center, and tank farm at the Brass Free Trade Zone in Okpoama, Bayelsa State. 

According to the allegations, he received the funds through the company's bank account but subsequently diverted the money into personal businesses and bureau de change outlets. The EFCC has filed a four-count charge against him, which was officially registered on November 19, 2024.

During the court proceedings, Akintoye pleaded "not guilty" to the charges. Justice Nwite ordered his remand at the Kuje Correctional Centre and adjourned the case until December 31, 2024, for a hearing on the bail application.