The Economic and Financial Crimes Commission has begun prosecution of oil businessman Mr Akintoye Akindele over alleged involvement in the unlawful conversion of $35 million belonging to the Nigerian Content Development and Monitoring Board, NCDMB.
The funds were said to have been diverted from NCDMB’s investment in a modular refinery and jetty project in Brass, Bayelsa State, through Atlantic International Refinery and Petrochemical Ltd.
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Mr. Akindele, alongside Platform Capital Investment Partners and Duport Midstream Company, faces a four-count charge under the Money Laundering Prohibition Act.
He is accused of retaining and spending millions in suspected illicit proceeds between December 2020 and February 2021. He denied the charges and was granted bail.
Justice Ekerete Akpan of the Federal High Court adjourned proceedings to 10 and 15 July for the trial to continue.
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