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.
News
Nigeria-Brazil Deepen Bilateral Ties in Key Sectors

By Gloria Ikibah
Nigeria and Brazil has taken a bold step to strengthen bilateral relationship, focusing on cooperation in agriculture, energy, and infrastructure development.
This was as a high-level Brazilian delegation, led by Foreign Affairs Minister Mauro Vieira, met with Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, on Wednesday in Abuja.
The discussions aimed to explore mutual opportunities, with both countries expected to formalize several agreements.
In his welcome address, Amb. Tuggar highlighted Brazil’s longstanding relationship with Nigeria, and noted that it was the only Latin American country to attend Nigeria’s independence celebrations.
He described the visit as a natural step in deepening cooperation and building on past engagements.
The Minister also referenced President Bola Ahmed Tinubu’s visit to Brazil last year, during which he participated in the G20 summit and pursued initiatives to enhance diplomatic and economic ties.
In reponse, Brazil’s Minister of Foreign Affairs, Ambassador Mauro Vieira, reaffirmed his country’s commitment to strengthening bilateral relations with Nigeria, building on previous engagements since President Lula took office in January 2023.
Vieira eemphasised he need for strategic dialogue and deeper collaboration in areas such as culture, economics, education, and cooperation.
He acknowledged the strong historical and cultural ties between Brazilians and Nigerians, highlighting the significant Nigerian influence in Brazilian society.
The envoy recalled his first meeting with Nigerian officials in Dubai in 2023, followed by the high-level discussions between President Lula and President Tinubu in Addis Ababa in 2024.
Vieira also commended President Tinubu’s participation in the G20 summit in Brazil last November, recognizing Nigeria’s contributions to global discussions.
Expressing appreciation for the warm reception in Abuja, Vieira lauded the Nigerian government for hosting the Brazilian delegation and looked forward to productive engagements to advance mutual interests.
News
Nigeria Debunk Allegations of Targeted Killings of Christians

News
Tinubu will be removed from office in 2027, SDP’s Adebayo boasts

By Kayode Sanni-Arewa
The 2023 presidential candidate of the Social Democratic Party, Adewole Adebayo, has said President Bola Tinubu will be defeated in the 2027 elections.
The SDP chieftain also claimed that his party will produce the next Nigerian President.
Adewale stated this on Friday while appearing on Arise Television’s The Morning Show.
“Tinubu is going to be removed from power, that one is sure, and there would be an SDP president,” he said.
Speaking further, Adebayo vowed to run for the number seat in the country in the 2027 elections.
He expressed confidence that he would be the party’s presidential candidate in 2027 regardless of the political stature of politicians defecting to the party.
The politician said he is not afraid or threatened by the defectors, adding that every party member knows he will contest again.
He said, “Let us understand something. I don’t worry about that; everybody who is coming in knows I will run in 2027.
“Any coward who will feel threatened by people coming to his party can not be president.”
Adewole’s comment follows the defection of the immediate past Governor of Kaduna State, Nasir El-Rufai, to the party on Monday.
Following his defection, El-Rufai has been making political moves to woo some politicians to the SDP.
Adebayo also described El-Rufai as a hard-working and patriotic Nigerian, adding that the ex-governor is very effective in an area where there are no effective people in government.
He said, “The reason why I welcome El-Rufai to my party is that I see him as a patriotic Nigerian, hard working, very effective in an area where we don’t have effective people in government, that’s all.”
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