News
Court sends oil magnate to prison for diverting $26m refinery fund
A Federal High Court sitting in Abuja has remanded the Founder and Chairman of Platform Capital Investment Partners Limited, Akindele Akintoye, in Kuje Correctional Centre.
Justice Emeka Nwite gave the order shortly after Akintoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on allegations bordering on the diversion of $26,060,406 meant to build a refinery in Brass, Bayelsa State, on Tuesday, December 24, 2024.
Justice Nwite, who adjourned the matter until December 31, directed Akintoye to remain in the correctional centre pending the hearing and determination of his bail application.
The EFCC had sued Akintoye, Platform Capital Investment Partners Limited, and Duport Midstream Company Limited, where he is also the Managing Director and CEO, as first to 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 (SAN), preferred four counts against the trio.
Akintoye and Platform Capital Investment Partners Limited were alleged to have, between December 2020 and February 2021, indirectly retained $16 million.
The amount, the EFCC said, was part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited as investment.
The said sum of $16,006, 000 is alleged to constitute proceed of unlawful activity.
The offence, EFCC said, is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 20!2) and punishable under Section [5(3) of the same Act.
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 Limited to Atlantic International Refinery and Petrochemical Limited as investment.
The said sum of $9,048,725 was said to constitute proceeds of unlawful activity and the offence was 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.
In count three, Akintoye and Duport Midstream Company Limited were alleged to have, sometime in March 2021, retained the sum of $785,681 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemicals Limited as investment.
The sum was said to constitute the proceed of unlawful activity.
The offence, the EFCC said, is 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, in count four, accused Akintoye and Duport Midstream of allegedly retaining the sum of $220,000 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited as investment.
The money was said to be proceed of unlawful activity and the offence is 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.
After the charge was read to Akintoye, he and on behalf of the companies, pleaded not guilty to all the counts.
The EFCC’s counsel, Iheanacho, prayed the court for a trial date and urged the court to remand Akintoye in a correctional centre after the non-guilty plea by the defendants.
The defence lawyer, Emmanuel Esedo, told the court that a bail application on Akintoye’s behalf had been filed.
The lawyer, who said the application was filed on December 23, sought the leave of the court to move the motion.
Iheanacho, however, opposed the submission.
After a lengthy argument by the prosecution and the defence lawyers, Justice Nwite agreed with Iheanacho’s submission.
The judge subsequently adjourned the matter until December 31 for the hearing of the bail application.
He ordered Akintoye to be remanded in Kuje Correctional Centre pending the hearing and determination of the application.
The Osun State Chapter of the People’s Democratic Party (PDP) has received thousands of decampees from the All Progressives Congress and other political parties into its fold.
The decampees, who are mostly from the Omisore Youth Support Forum (OYSF) joined the party at a ceremony held at party secretariat in Osogbo, the capital of Osun State, on Wednesday.
The were received by the Chairman of the PDP in Osun, Hon. Sunday Bisi, former Deputy Speaker of the House of Representatives, Lasun Yusuff and other party leader.
While receiving the decampees, Bisi renamed the group as Adeleke Youth Support Forum (AYSF) as they declared their support for Adeleke’s 2026 re-election bid.
One of the leaders of the decampees, Mr Francis Fasogbon said they were “inspired by the good governance delivered by Governor Ademola Adeleke”.
Hon. Dennis Agbo, representing Igboeze North/Udenu Federal Constituency in the 10th House of Representatives, has resigned from the Labour Party (LP) and defected to the Peoples Democratic Party (PDP).
Addressing aa gathering in his ward, Ezzodo, Agbo cited his admiration for Enugu State Governor, Dr. Peter Ndubisi Mba’s performance, as the reason for his decision.
“I acknowledge Governor Mba’s outstanding work, and I believe it’s essential to support him,” Agbo said. “As a federal legislator from Enugu State, I’m joining hands with him to provide a link between the state and federal government, promoting the good work he’s doing to uplift our state.”
Agbo, who was elected on the LP ticket, expressed his desire to work with Governor Mba, citing the governor’s vision and achievements since his inauguration in 2023.
He also emphasized that the internal crisis and division within the Labour Party was part of the factors influencing his decision to leave the party and return to PDP.
The lawmaker invited his supporters and members of Labour Party to a formal ceremony marking his transition to PDP, scheduled for May 1, 2025, at the PDP State Secretariat in Enugu.
Governor Alex Otti says he is not bothered about the noise coming from members of the opposition parties in Abia State.
Otti said his critics should not be taken serious as they are not coming out to contest elections but to seek negotiations and relevance.
Governor Otti stated this while receiving the member representing Bende North constituency in Abia State House of Assembly, Nnamdi Ibekwe who recently dumped the PDP and joined the Labour Party, LP in Abia State.
“We are not bothered about the oppositions and their noise. There are different reasons why people show up for elections.
Sometimes, they just want recognition; that their names showed up for the primaries, knowing fully well that they will not win the election.
“Some of them also come for negotiations and then of course, some others also show up for projections; they look at themselves and say, ‘if I start the noise in 2025, maybe by 2040, they will know that I have been in the race and they will call me and recognize me’, so they are projecting themselves,” Gov. Otti explained.
Governor Otti said he is rather focused on doing the job the people elected him to do and respond to the noise of the opposition across the State.
He congratulated Nnamdi Ibekwe for dumping the PDP for LP, explaining that nobody pressured him to come over to the LP, reiterating that he does not emphasize much on political platforms.
Earlier while presenting himself to the Governor, the member representing Bende North constituency, Nnamdi Ibekwe said he was attracted to the Labour Party by the achievements of Governor Alex Otti which he described as unprecedented.
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