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Abuja CSO Champions Legal Action Against Oil Tycoon Akintoye Akindele Amid $240 Billion Fraud Allegations

Published by admin on September 22nd, 2024.

Abuja CSO Champions Legal Action Against Oil Tycoon Akintoye Akindele Amid $240 Billion Fraud Allegations

The Society for Rule of Law in Nigeria (SRLN), a civil society organization based in Abuja, has expressed its support for a group of prominent Nigerians planning to file a lawsuit against oil magnate Akintoye Akindele, the former Managing Director of Duport Midstream Company Limited and current Chairman of Platform Capital. This action is in response to allegations of a fraudulent scheme totaling over N240 billion.

SRLN has offered the legal expertise of ten of its lawyers to assist the victims of the purported scams linked to Akindele. Following a meeting in Abuja on Sunday, SRLN Coordinator Dr. Chima Ubeku emphasized the necessity for individuals like Akindele to face justice and for victims to receive proper restitution.

The organization voiced concerns that Akindele may attempt to flee to Portugal, where he reportedly has significant investments and his second wife resides. SRLN urged relevant security agencies to monitor his activities closely.

Additionally, SRLN raised alarms about Akindele’s ability to secure approximately $10 million from a Private Equity fund in Botswana, which they find troubling given his alleged history.

The group highlighted Akindele’s involvement with Synergy Private Equity Fund between 2015 and 2018, where he and his associate, Ayo Arogbo, reportedly raised $350 million intended for investment in growth businesses. Instead, they claim Akindele established shell companies, misappropriating funds. This led to Arogbo resigning under pressure from investors, resulting in the fund’s closure.

SRLN noted that Akindele’s actions have significantly tarnished the venture capital and private equity landscape in Nigeria, creating skepticism among investors and hindering opportunities for legitimate new entrants.

As part of their initiative, SRLN plans to monitor the upcoming criminal trials of Akindele, scheduled to begin in Lagos on October 3 and 29. Their lawyers will offer pro bono legal support to the prosecution team.

It’s important to note that Justice James Kolawole Omotosho of the Federal High Court in Abuja ordered on May 9, 2024, that Akindele’s trial regarding an alleged $5.6 million fraud be transferred to the Lagos division of the court. Akindele and his company face multiple criminal charges, including the alleged diversion of over $5.6 million and N73 million belonging to Summit Oil International Ltd, founded by the late philanthropist Chief Moshood Abiola. He is also accused of bribing police officers with N150 million to hinder their investigation.