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EFCC Arrest Refinery MD Over Alleged $35 Million Fraud

Published by admin on October 31st, 2024.

EFCC Arrest Refinery MD Over Alleged $35 Million Fraud

The Managing Director of Atlantic International Refinery and Petrochemical Limited, Akintoye Akindele, is currently in the custody of the Economic and Financial Crimes Commission (EFCC) in Abuja. His arrest stems from accusations of misappropriation, money laundering, and the diversion of $35 million in public funds.

Sources indicate that the Nigeria Content Development and Monitoring Board (NCDMB) allocated the funds to Akindele for the construction of a 2,000 barrel-per-day refinery, along with a jetty, gas plant, power plant, data center, and tank farm at the Brass Free Trade Zone in Okpoama, Bayelsa State. The payment was made in December 2020, but Akindele is alleged to have neglected the projects entirely.

According to insiders, Akindele proposed the project to the NCDMB, which subsequently approved the funding. However, since receiving the money, he reportedly left the project largely unaddressed, with little progress to show for the substantial investment.

Reports suggest that Akindele funneled the funds from Atlantic International Refinery into four of his other companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd., and Adamantine Petrochemical & Refinery Ltd., as well as several Bureau de Change outlets.

The EFCC had been searching for Akindele for several months, and he eventually surrendered when he could no longer evade scrutiny. He has since been detained in Abuja.

EFCC spokesperson Dele Oyewale confirmed the arrest but did not provide additional details.