The Economic and Financial Crimes Commission (EFCC) has detained Akintoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, over allegations of misappropriation, money laundering, and diversion of public funds totaling $35 million.
According to sources within the EFCC, Akindele was arrested in Abuja following an investigation into funds provided by the Nigeria Content Development and Monitoring Board (NCDMB) for a project at the Brass Free Trade Zone in Okpoama Community, Bayelsa State. The NCDMB reportedly provided $35 million to Akindele to construct a 2,000 barrel-per-day refinery, along with a jetty, gas plant, power plant, data center, and tank farm.
It was alleged that the payment was made to Akindele in December 2020; however, the project was reportedly abandoned shortly afterward, with little progress made. An EFCC source indicated that Akindele, a promoter of the Energy Infrastructure Park in Brass Local Government Area, originally proposed the project to the NCDMB, which subsequently embraced it and contributed the substantial funding.
Another source alleged that Akindele channeled the funds from the Atlantic International Refinery and Petrochemical Limited’s account to four of his other companies, including Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd, and Adamantine Petrochemical & Refinery Ltd. Some of the funds were reportedly directed to bureau de change outlets.
The EFCC has been actively pursuing Akindele for several months, according to sources, until he recently surrendered to the commission, leading to his arrest and detention at the EFCC’s Abuja holding facility.
EFCC spokesperson Dele Oyewale confirmed Akindele’s detention but declined further comment on the matter.
