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Court Remands Refinery MD In Kuje Correctional Centre Over Alleged $35m Scam

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The Economic and Financial Crimes Commission, on Monday, December 23, 2024, arraigned the Managing Director of Atlantic International Refinery and Petrochemical Limited, Akindele Akintoye at the Federal High Court, Abuja, over an alleged $35 million fraud.

He was arraigned before Justice Emeka Nwite on charges bordering on money laundering and contract fraud.

On October 31, 2024, Akintoye was arrested by the EFCC and detained at its holding facility in Abuja.

According to a tweet via the commission’s X handle on Wednesday, Akintoye allegedly collected $35m from the Nigeria Content Development and Monitoring Board to build a 2,000 barrel-per-day refinery, jetty, gas plant, among others, at the Brass Free Trade Zone, Okpoama community in Brass Local Government Area of Bayelsa State.

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He “allegedly mooted the idea of the project to the Board and the NCDMB embraced it with a counterpart funding to the tune of $35million. He allegedly received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funneled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets,” the tweet stated.

At the court sitting on Monday, EFCC counsel, Ekele Iheanacho, told the court that the defendant faced a four counts filed on November 19, 2024, and requested that the charges be read to the defendant.

One of the counts read, “That you, Akindele Akintoye, and Platform Capital Investment Partners Limited, between December 2020 and February 2021, within the jurisdiction of this Honourable Court, indirectly retained the sum of $16,006,000 (Sixteen Million, Six Thousand United States Dollars), being part of the funds dishonestly converted from the money paid by the NCDMB to Atlantic International Refinery and Petrochemical Limited as investment, knowing the said sum constituted proceeds of unlawful activity, thereby committing an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.”

The EFCC noted that Akintoye pleaded “not guilty” after the charges were read to him. Thereafter, the anti-graft agency’s counsel requested the court to remand Akintoye in a correctional centre, and then sought a trial date.

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However, the defendant’s counsel, Emmanuel Esadio applied for bail, stating that the application was filed and served on the prosecution.

In his response, Justice Nwite stressed the importance of allowing the prosecution to respond to the bail application, noting that the law requires a 48-hour period before a bail application can be considered.

“Justice is tripartite, to the accused, the defendant, and society. I cannot shut out the prosecution, they must be heard,” the Judge said.

“Esadio further requested that the defendant be remanded in EFCC custody, citing his client’s health issues and the need for easy access to legal counsel.

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“But Iheanacho opposed the request, arguing that the EFCC lacked adequate facilities and that Akintoye had demonstrated untrustworthiness, including allegedly retrieving his international passport after claiming it was in court custody,” the tweet read.

“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime. Additionally, there is no medical evidence before the court to support claims of ill health,” Iheanacho submitted.

After considering the arguments, the judge ordered Akintoye’s remand at the Kuje Correctional Centre and adjourned the matter till December 31, 2024, for hearing on the bail application.

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FG declares May 27-28 Public holiday to markEid-el-Kabir

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The Federal Government has declared Wednesday, May 27 and Thursday, May 28, 2026, as public holidays to mark Eid-el-Kabir.

Minister of Interior Olubunmi Tunji-Ojo announced the holidays on Monday in a statement signed by the ministry’s Permanent Secretary, Magdalene Ajani.

Tunji-Ojo congratulated Muslims in Nigeria and abroad, calling Eid-ul-Adha a festival of sacrifice, obedience to God, and compassion. He urged Nigerians to use the period for prayer and reflection on peace, security, and national prosperity.

“The Federal Government urges all Nigerians to use this period for prayer and sober reflection, asking for divine see guidance as it continues its pursuit of peace, security, and prosperity for every citizen,” the statement read.

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Iran Warns Deal With US Not Yet Close, Despite Minimal Progress

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World oil prices tumbled on renewed optimism about an agreement, after top US diplomat Marco Rubio suggested a deal could be reached within the day.

Iran warned Monday that, while some progress had been made, it was not yet close to striking a deal with the United States to end the Middle East war, after a weekend of mixed messages from Washington and Tehran.

World oil prices tumbled on renewed optimism about an agreement, after top US diplomat Marco Rubio suggested a deal could be reached within the day — but Iran’s foreign ministry spokesman responded: “No one can make such a claim.”

Meanwhile, Pakistan’s Prime Minister Shehbaz Sharif — whose government is spearheading efforts to mediate a negotiated agreement between the United States and Iran — met China’s President Xi Jinping in Beijing.
US and Iranian forces have observed a ceasefire since April 8 while diplomats push for a negotiated settlement, although Iran has maintained controls on Gulf shipping through the Strait of Hormuz and the US Navy has sought to blockade Iran’s ports.

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“We thought we might have some news last night, maybe today,” US Secretary of State Rubio told reporters during a visit to New Delhi, referring to hopes for a deal.

“We have what I think is a pretty solid thing on the table in terms of their ability to open up the straits, get the straits open,” he said.
“We’re either going to have a good agreement or we’re going to have to deal with it another way. We’d prefer to have a good agreement,” he said.
But in Tehran, foreign ministry spokesman Esmaeil Baqaei poured cold water on hopes for a quick final settlement.

‘Certain fees’

“It is correct to say that we have reached a conclusion on a large portion of the issues under discussion,” he told a weekly news briefing.
“But to say that this means the signing of an agreement is imminent — no one can make such a claim.”

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Baqaei stressed that Iran would continue to manage maritime traffic through the Strait of Hormuz by charging service fees — arguing that this did not amount to Tehran “seeking to collect tolls”.

“The services that are provided — navigational services in addition to the measures necessary to protect the environment of the Strait of Hormuz, the Persian Gulf and the Sea of Oman — require the collection of certain fees,” he said.

Earlier, President Donald Trump had said that he had told his negotiators “not to rush into a deal, in that time is on our side”, and warned that the US naval blockade would remain in place until a deal was reached.
A post on Trump’s Truth Social read: “If I make a deal with Iran, it will be a good and proper one,” adding that: “It isn’t even fully negotiated yet.”
Israel’s Prime Minister Benjamin Netanyahu said Sunday that he and Trump had agreed that “any final agreement with Iran must eliminate the nuclear threat entirely.”

‘Lasting peace’

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Iranian officials have stressed that, despite the long-standing US demand for an end to its uranium enrichment, talks on the issue of Iran’s contested nuclear programme have been deferred until after an initial agreement.
The war, which erupted after the United States and Israel attacked the Islamic republic on February 28 and saw Iran respond with missile and drone attacks across the region, drove energy prices higher.
Crude oil remains expensive by recent standards, but prices have see-sawed and Monday’s mood of relative optimism caused prices to plunge by almost five percent.
The price of North Sea Brent crude and West Texas Intermediate slipped to $99.00 and $92.10 a barrel respectively.
On Saturday, leaders from Saudi Arabia, the United Arab Emirates, Qatar, Egypt, Jordan and Bahrain, as well as representatives from Turkey and Pakistan, joined a call with Trump to discuss the deal.
The focus of international efforts moved to Beijing on Monday, where Pakistan’s Sharif and army chief Asim Munir, who visited Tehran on Saturday, met senior leaders including Xi and Premier Li Qiang.
Speaking to Chinese leaders, Sharif said “the world is passing through a critical moment”, Pakistan’s state-run PTV channel showed.
“Things are moving in the right direction. I would like to thank China’s support to promote peace.”

AFP

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Sad: Two hooded men gun down politician in his Rivers State hotel

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A young politician and community mobilizer in Ebubu, Eleme Local Government Area of Rivers State, Samuel Obe Ngobe, has been killed by gunmen suspected to be assassins.

It was gathered on Monday that the incident occurred on May 22 when the assailants invaded a hotel in the community owned by the deceased and shot him dead.

The two suspects, who were masked, invaded the area on a motorbike and went straight to the politician and opened fire on him.

It was also gathered that the assailants carted away cell phones from the hotel workers to prevent them from raising an alarm.

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When contracted on Monday, the Police Public Relations Officer of the Rivers State Command, Agabe Blessing Kaborlo, confirmed the killing.

The PPRO said, “Investigation is ongoing on the matter”.

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