The Economic and Financial Crimes Commission, EFCC, has taken Akintoye Akindele, Managing Director of Atlantic International Refinery and Petrochemical Limited, into custody.
Akindele is accused of misappropriating $35 million in public funds meant for building a 2,000 barrel-per-day refinery, jetty, gas plant, power plant, data center, and tank farm in Bayelsa State’s Brass Free Trade Zone.
The Nigeria Content Development and Monitoring Board paid Akindele $35 million in December 2020 to undertake this project. However, after receiving the funds, Akindele allegedly abandoned the project with little to show for the massive investment.
Sources reveal that Akindele diverted the funds into his other companies, including Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd, and Adamantine Petrochemical & Refinery Ltd, as well as Bureau de Change outlets.
Cyber Reporters gathered that the EFCC had been tracking Akindele for months before his eventual arrest and detention in Abuja.
One of the sources said:
“Akindele, a promoter of the Energy Infrastructure Park financed by the Nigeria Content Development and Monitoring Board, in Okpoama community in Brass LGA of Bayelsa state, initially mooted the idea of the project to the board and the NCDMB embraced it with a counterpart funding to the tune of $35m.
NCDMB allegedly paid $35m to Akindele to build a 2,000bpd refinery, jetty, gas plant, power plant, data centre and tank farm at Brass Free Trade Zone, Okpoama Community in Brass LGA of Bayelsa State.
“Since December 2020 when the payments were made, Akindele allegedly abandoned the project with little or nothing to show for the huge sum paid to him.”
Another source said:
“Akindele received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funnelled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd, Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets.
“The EFCC has been on a manhunt for him for several months until he finally showed up when he could no longer bear the fire on him. He was thereafter arrested and detained at the commission’s holding facility in Abuja.”
Akindele’s arrest is a significant step in tackling corruption and ensuring accountability in Nigeria’s oil and gas sector.
As investigations continue, more details will emerge about Akindele’s dealings and the fate of the abandoned project.
