A Federal High Court in Abuja has ordered the remand of Akindele Akintoye, the founder and chairman of Platform Capital Investment Partners Limited, in the Kuje correctional centre. Justice Emeka Nwite gave the order on Tuesday.
Mr Akintoye was arraigned by the Economic and Financial Crimes Commission (EFCC) for allegedly diverting $26, 060, 406.00 to build a refinery in Brass, Bayelsa.
Justice Nwite adjourned the matter until December 31, 2024, and directed Akintoye to remain in the correctional centre pending the hearing and determination of his bail application.
The EFCC sued Akintoye, Platform Capital Investment Partners Limited, and Duport Midstream Company Limited, where he is also the managing director and CEO, as the first and third defendants,, respectively.
The anti-graft agency, in the charge marked FHC/ABJ/CR/641/V/2024 dated and filed on December 19 by its lawyer, Ekele Iheanacho, preferred four counts against the trio.
Akintoye and Platform Capital Investment Partners Limited were alleged to have indirectly retained $16 million between December 2020 and February 2021.
The EFCC said the amount was part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as an investment.
In count two, Akintoye and Platform Capital were alleged to have, between December 2020 and January 2021, indirectly used the aggregate sum of $9 048, 725 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as an investment.
The defendants pleaded not guilty.
The NCDMB allegedly released $35 million to a bank account managed by Akintoye and its finance director.
The agency said that while the board released $35 million as an investment in Atlantic International Refinery and Petrochemical Limited, which Akintoye planned to build, the first defendant (Akintoye) was also expected to contribute $15 million to the project.
The refinery’s ownership is a 60% to 40% ratio. While NCDMB would have a 40% share, Akintoye would get a 60% share.
However, Akintoye was alleged to have moved the money ($35 million) into a separate account to which he was the sole signatory and the funds ($35 million) thereafter were allegedly disbursed to his companies’ accounts and other accounts.