EFCC arraigns businessman over alleged $35m fraud

A businessman, Akindele Akintoye, has been arraigned by the Economic and Financial Crimes Commission (EFCC) on allegations of money laundering and contract fraud involving $35 million.

The case was brought before Justice Emeka Nwite at the Federal High Court in Maitama, Abuja, on Monday.

The EFCC accused Akintoye of receiving the funds from the Nigerian Content Development and Monitoring Board (NCDMB) for the construction of a refinery, jetty, gas plant, data center, and tank farm in Bayelsa State’s Brass Free Trade Zone.

Instead of utilizing the funds for the intended projects, Akintoye allegedly funneled the money through four companies and various Bureau de Change outlets. The EFCC is pursuing charges related to misappropriation and money laundering.

The court proceedings are ongoing as investigations continue, with more details expected to emerge about the alleged fraudulent activities.

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One charge against him stated: “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 pleaded not guilty to the four-count charge. Following his plea, EFCC counsel Ekele Iheanacho requested his remand in a correctional centre pending trial.

However, the defence counsel, Emmanuel Esadio, applied for bail, citing Akintoye’s health and need for legal counsel access.

Justice Nwite emphasised the necessity of hearing from the prosecution on the bail application, saying, “Justice is tripartite – to the accused, the defendant, and society.”

He ordered Akintoye’s remand at Kuje Correctional Centre and scheduled the bail hearing for December 31.

The EFCC argued against the defendant’s continued custody in its facility, accusing him of untrustworthiness, including recovering his international passport under false pretenses.

“The defendant cannot be trusted,” Iheanacho told the court.