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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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Baby factory dismantled in Mowe as Ogun police rescue pregnant women, children

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Ogun State Police operatives have dismantled an alleged baby factory at Abaren Village, Mowe, rescuing two pregnant women and four children while arresting six suspects including a nurse, following intelligence on suspected human trafficking and illegal adoption activities.

According to The Nation, the August 24 operation rescued Ilesanmi Foluke, 23, who is seven months pregnant, and Ejekwa Melody, 20, who is eight months pregnant. Four children were also recovered from the premises.

A follow-up operation traced a third victim, Blessing Bright Effiong, 26, to a nearby hospital where she had delivered a baby boy on August 20 — but the newborn’s whereabouts remain unknown. The case has been transferred to the State Criminal Investigation Department in Abeokuta for further investigation.

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ADC Kicks Against Endorsement of Tinubu by 500+ Jigawa Islamic Scholars

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The African Democratic Congress (ADC) has questioned the decision by more than 500 Islamic scholars and clerics in Jigawa State to endorse President Bola Tinubu for a second term in 2027.

The party’s Jigawa chapter described the endorsement as inappropriate, arguing that religious leaders should not allow political affiliations to compromise their independence or influence how they provide guidance to the public.

The ADC’s position was contained in a statement issued by its Jigawa State Deputy Chairman and North ADC Youth Ambassador, Ambassador Nuraddeen Suleiman Jidawa.

Jidawa acknowledged that individual clerics had the right to support candidates of their choice but maintained that such political positions should not be presented as the collective position of Nigeria’s Muslim population.

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The party also disputed some claims reportedly made by the scholars in support of the Tinubu administration, including the attribution of the Kano-Dutse/Kano-Maradi railway project to the current government.

According to the ADC, the railway project was approved and awarded during the administration of former President Muhammadu Buhari in 2021.

The opposition party therefore challenged the Federal Government to provide details of major capital projects initiated and substantially completed by the Tinubu administration in Jigawa State.

The party also rejected claims that the country’s security situation had improved significantly, particularly in the North-West.

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It cited reported incidents of kidnapping and terrorist attacks in Kaduna, Sokoto and Zamfara as indications that insecurity remains a serious national challenge.

The ADC further referenced a recent Al Jazeera report concerning a video purportedly showing abducted people being held by armed men following reports of mass abductions in Niger State.

The party argued that such developments made it inappropriate to describe Nigeria’s security crisis as resolved.

It urged voters to assess the Tinubu administration based on tangible results rather than political endorsements, listing security, employment, economic conditions, infrastructure, transparency and accountability among the areas that should be considered.

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The ADC also renewed its criticism of the removal of petrol subsidy, arguing that the policy had contributed to higher transportation costs and increased prices of food and other essential goods.

It called on Islamic scholars and clerics to preserve their independence and avoid becoming tools for political mobilisation.

“While we respect the right of individual clerics to make their political choices, such endorsements should not be presented as religious verdicts or as the position of Nigeria’s Muslim community,” the party said.

The party said religious leaders should instead use their influence to demand accountability from political authorities and provide moral guidance to society.

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The ADC urged Nigerians to make independent decisions ahead of the 2027 elections by examining how government policies have affected their livelihoods and the country’s overall development.

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Dangote Refinery raises fuel price by N15

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Dangote Petroleum Refinery and Petrochemicals FZE has raised the gantry price of Premium Motor Spirit (petrol) from N1,185 to N1,200 per litre, effective August 26, 2026.

In a notice sent to customers on Tuesday, the refinery’s Group Commercial Operations announced new depot prices for gantry and coastal deliveries.

The email, titled ‘PMS Price Change Communication (N1,185 per Litre To N1,200 Per Litre)’, instructed customers to note the revised DPRP PMS gantry and coastal prices, starting August 26, 2026.

As per the notice’s table, the coastal price increased from N1,562,265 to N1,582,380 per metric tonne, while the gantry price rose from N1,185 to N1,200 per litre.

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The refinery also asked customers to return all Authorisation to Collect documents for repricing, stating a new volume contract would be issued to resume immediate loading.

“You are advised to return all ATCs for repricing, and a new volume contract will be issued for immediate loading resumption. Should you require any further clarification, please do not hesitate to contact us,” the notice said.

The latest adjustment represents a N15 per litre increase in the gantry price and comes barely days after the refinery raised the price from N1,165 to N1,185 per litre.

The previous price increase was implemented at midnight on August 21, 2026, as reported by industry trackers.

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However, the most recent hike occurs amid declining international crude oil prices.

Oilprice.com data from Tuesday indicated that West Texas Intermediate crude was trading at $82.13 per barrel, a decrease of $2.88 or 3.39%. Brent crude was priced at $88.37 per barrel, down $3.80 or 4.12%. Murban crude also dropped to $92.71 per barrel, a decline of $8.73 or 8.61%.

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