EFCC Arraigns Businessman for Alleged $35 Million Fraud

The EFCC has arraigned a businessman in court over allegations of a $35 million fraud. The case highlights the agency’s ongoing efforts to combat financial crimes in Nigeria.

Akindele Akintoye, a businessman, has been charged by the Economic and Financial Crimes Commission (EFCC) in connection with allegations of money laundering and contract fraud amounting to $35 million.

The case was presented to Justice Emeka Nwite at the Federal High Court in Maitama, Abuja, on Monday.

The EFCC alleged that Akintoye received funds from the Nigerian Content Development and Monitoring Board (NCDMB) intended for building a refinery, jetty, gas plant, data center, and tank farm in Bayelsa State’s Brass Free Trade Zone.

Akintoye allegedly diverted the funds away from their intended projects, channeling them through four companies and various Bureau de Change outlets. The EFCC is pursuing charges of misappropriation and money laundering against him.

The court proceedings are in progress as investigations persist, and further details about the alleged fraudulent activities are anticipated to surface.

One of the charges against him alleged: “Between December 2020 and February 2021, you, Akindele Akintoye, along with Platform Capital Investment Partners Limited, indirectly retained $16,006,000 while being aware that the amount was derived from unlawful activities.”

Akintoye entered a plea of not guilty to the four charges against him. After his plea, EFCC counsel Ekele Iheanacho asked for his detention in a correctional facility until the trial begins.

Nonetheless, the defense attorney, Emmanuel Esadio, requested bail due to Akintoye’s health issues and the necessity for access to legal counsel.

Justice Nwite stressed the importance of obtaining input from the prosecution regarding the bail application, stating that “justice involves three parties: the accused, the defendant, and society.”

He directed that Akintoye be held at Kuje Correctional Centre and set the bail hearing for December 31.

The EFCC opposed the defendant’s continued detention in its facility, accusing him of being untrustworthy and alleging that he had deceitfully retrieved his international passport.

“The defendant is untrustworthy,” Iheanacho informed the court.