Money Laundering: Court Remands Businessman Over Alleged $35m Fraud
The Federal High Court sitting in Maitama, Abuja has ordered the remand of a businessman, Akindele Akintoye at the Kuje Correctional Centre.
Akintoye is standing trial for money laundering and contract fraud totaling $35 million.
The jugdge, Justice Emeka Nwite ordered that the accused would remain in detention till December 31, 2024, when the court will hear his application for bail.
The suspect was arraigned before the court by the Economic and Financial Crimes Commission, EFCC on charges bordering on money laundering and contract fraud.
Akintoye allegedly collected $35 million from the Nigeria Content Development and Monitoring Board to build a 2000 barrel-per-day refinery, jetty, gas plant, data centre, and tank farm at Brass Free Trade Zone located in Okpoama community, Brass Local Government Area of Bayelsa State.
He allegedly received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited, which he funneled into four of his companies.
The companies are Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets.
At the court sitting on Monday, EFCC counsel, Ekele Iheanacho, SAN, told the court that the defendant is standing trial in a four-count charge filed on November 19, 2024.
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.
According to the EFCC, the offences were 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.
When his plea was taken, the defendant pleaded not guilty, and the EFCC counsel, Iheanacho, requested the court to remand Akintoye in a correctional centre and sought for a trial date.
In his submission, counsel to the defendant, Emmanuel Esadio, applied for bail, stating that the bail application was filed and served on the prosecution.
Justice Nwite, in his response, emphasised 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.
Iheanacho, however, opposed the request, arguing that the EFCC lack adequate facilities while Akintoye had demonstrated untrustworthiness, including allegedly retrieving his international passport after claiming it was in court.
“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, Justice Nwite ordered Akintoye to be remanded in Kuje correctional centre and adjourned the matter till December 31, 2024.
