Photo Credit: P.M. Express

EFCC Apprehends Atlantic Refinery MD Akintoye Akindele For Allegedly Defrauding Govt Agency Of $35Million

The Economic and Financial Crimes Commission (EFCC) has arrested and detained Akintoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, on charges of alleged misappropriation and money laundering.

Sources revealed to SaharaReporters that Akindele was taken into custody on Tuesday in Abuja, accused of diverting approximately $35 million (around N60 billion) in public funds.

EFCC spokesperson Dele Oyewale confirmed the arrest on Thursday, stating that Akindele was apprehended in Abuja on Tuesday.

EFCC Apprehends Atlantic Refinery MD Akintoye Akindele For Allegedly Defrauding Govt Agency Of $35Million
EFCC Apprehends Atlantic Refinery MD Akintoye Akindele. Photo Credit: Saharareporters

“He is in our custody. He was arrested on Tuesday in Abuja,” he said.

The former Managing Director of Duport Midstream Company Limited and Chairman of Platform Capital, currently facing trial for allegedly diverting $5,636,397.01 and N73,543,763.25 from Summit Oil International Ltd and attempting to bribe the police with N150 million, has reportedly been implicated in additional alleged fraudulent activities.

According to reports, the Nigerian Content Development and Monitoring Board (NCDMB) disbursed $35 million to Akindele for the construction of a 2,000-barrel-per-day refinery, jetty, gas plant, power plant, data center, and tank farm at the Brass Free Trade Zone in Okpoama Community, Brass Local Government Area, Bayelsa State.

Akindele allegedly abandoned these projects despite receiving the funds in December 2020. Sources indicate that he initially proposed the project to the NCDMB, which agreed to a counterpart funding arrangement, committing $35 million.

READ ALSO: EFCC Urges Court To Try Yahaya Bello in Absentia

“He allegedly received $35 million from NCDMB to build a 2,000bpd refinery, jetty, gas plant, power plant, data centre and tank farm at Brass Free Trade Zone, Okpoama Community in Brass LGA of Bayelsa State.

“Since December 2020 when the payments were made, Akindele allegedly abandoned the project with little or nothing to show for the huge sum paid to him.”

He reportedly received the funds through Atlantic International Refinery and Petrochemical Limited and transferred them to four of his own companies.

Follow the Parallel Facts channel on WhatsApp: https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E