The Managing Director of Atlantic International Refinery and Petrochemical Limited, Akintoye Akindele, has been detained by the Economic and Financial Crimes Commission (EFCC) in Abuja.
News About Nigeria reports that this follows his arrest on allegations of misappropriation, money laundering, and the diversion of public funds amounting to $35 million.
Sources from the EFCC indicate that Akindele was paid the substantial sum by the Nigeria Content Development and Monitoring Board (NCDMB) to develop a refinery, jetty, gas plant, power plant, data centre, and tank farm at the Brass Free Trade Zone in Bayelsa State.
The payment was made in December 2020, but reports stated that Akindele abandoned these projects soon after receiving the funds.
A source familiar with the case stated, “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.”
Further allegations stated that Akindele funnelled the funds through Atlantic International Refinery and Petrochemical Limited to four other companies he controls, including Platform Capital Investment Partners and Duport Midstream Company Ltd.
After months of investigation, the EFCC arrested Akindele when he finally surfaced to address the ongoing scrutiny.
When contacted, EFCC spokesperson Dele Oyewale confirmed Akindele’s arrest but did not provide additional details.
