The Economic and Financial Crimes Commission (EFCC) has detained Akintoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, on charges of alleged misappropriation, money laundering, and diversion of public funds totaling $35 million.
According to sources who spoke with The Punch, the Nigerian Content Development and Monitoring Board (NCDMB) had disbursed $35 million to Akindele in December 2020 for the development of a comprehensive energy project in Brass Free Trade Zone, located in Bayelsa State’s Brass Local Government Area. The project was intended to include a 2,000-barrel-per-day refinery, jetty, gas and power plants, a data center, and a tank farm in Okpoama Community. However, Akindele is accused of abandoning the development with minimal progress made on the facilities.
A source revealed, “Akindele, as a promoter of the Energy Infrastructure Park, had convinced NCDMB to co-finance the project, and the board paid $35 million to support its development in Okpoama community. Despite the funds being paid out, very little evidence of progress on the project site has been found.”
Additional reports indicate that Akindele allegedly redirected the NCDMB funds to other companies under his control. “The funds initially entered the account of Atlantic International Refinery and Petrochemical Limited before being funneled into four other companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd, and Adamantine Petrochemical & Refinery Ltd, as well as Bureau de Change outlets,” disclosed a source familiar with the case.
The EFCC had reportedly pursued Akindele for months before he eventually turned himself in and was subsequently detained at the EFCC’s holding facility in Abuja.
