A major financial scandal is unfolding as a Nigerian businessman, Akindele Akintoye, finds himself in the crosshairs of the Economic and Financial Crimes Commission (EFCC). Accused of a massive $35 million fraud, this case has sent shockwaves through the nation. Here’s a breakdown of what you need to know:
- Akindele Akintoye is charged with money laundering and contract fraud.
- The alleged fraud involves $35 million earmarked for a project in Bayelsa State.
- Akintoye allegedly moved the funds through various companies and Bureau de Change outlets.
- The EFCC argues that he is untrustworthy and should remain in custody.
The Allegations: A $35 Million Scheme
The EFCC has formally arraigned Akindele Akintoye on charges of money laundering and contract fraud, with the total sum involved an eye-watering $35 million. The commission alleges that Akintoye received the funds from the Nigerian Content Development and Monitoring Board (NCDMB), intended for a major development project in Bayelsa State.
This project was supposed to include the construction of a refinery, a jetty, a gas plant, a data centre, and a tank farm within the Brass Free Trade Zone. However, instead of utilizing the money for the project, the EFCC claims that Akintoye diverted the funds through a network of four companies and various Bureau de Change outlets.
The Money Trail
According to the EFCC, Akintoye allegedly moved a substantial sum of $16,006,000 between December 2020 and February 2021, through Platform Capital Investment Partners Limited. The agency states that this move was a deliberate act to hide the illicit nature of the funds. This highlights the complex methods used in the alleged money laundering process, involving multiple entities to obscure the trail.
One of the charges read: “Between December 2020 and February 2021, you, Akindele Akintoye, and Platform Capital Investment Partners Limited, indirectly retained $16,006,000, knowing the sum constituted proceeds of unlawful activity.”
Akintoye has pleaded not guilty to the four charges brought against him.
Legal Proceedings and Bail Application
Following Akintoye’s not guilty plea, the EFCC counsel, Ekele Iheanacho, requested that he be remanded in a correctional center pending trial. However, Akintoye’s defense counsel, Emmanuel Esadio, has applied for bail, citing health concerns and the need for access to legal counsel. Judge Emeka Nwite has adjourned the bail hearing to December 31, emphasizing the importance of a balanced approach to justice, considering the rights of the accused, the defendant, and the broader society.
The EFCC is opposing Akintoye’s continued custody in their facility because they consider him untrustworthy. It is important to note that Akintoye, at one point, allegedly retrieved his international passport by providing false pretenses.
Important Detail: The Nigerian Content Development and Monitoring Board (NCDMB) is a government agency tasked with promoting the development of local content in the Nigerian oil and gas industry. It is responsible for making sure that Nigerians benefit from projects carried out in the sector, making this alleged fraud particularly concerning.
What’s Next?
The case has captivated public attention and raises serious questions about the management of public funds and the importance of vigilance in financial dealings. It shows that even large government institutions like the NCDMB are not immune to such fraudulent activities. As the case progresses, further details are sure to emerge. We will be watching closely to provide you with the very latest updates.
