By Solomon Odeniyi
The Managing Director of Atlantic International Refinery and Petrochemical Limited, Akintoye Akindele, is currently detained by the Economic and Financial Crimes Commission (EFCC) in Abuja. His arrest stems from allegations of misappropriation, money laundering, and the diversion of public funds totaling $35 million.
Sources within the commission reveal that Akindele was paid this amount by the Nigeria Content Development and Monitoring Board (NCDMB) to construct a 2,000 barrel-per-day refinery, along with associated facilities such as a jetty, gas plant, power plant, data center, and tank farm at the Brass Free Trade Zone in Okpoama Community, Bayelsa State. However, after receiving the funds in December 2020, he is accused of abandoning the projects with little progress made.
A source explained, “Akindele, who initially proposed the project to the board, left the NCDMB with the expectation of counterpart funding. Since the payment was made, he has allegedly done nothing substantial.”
It is reported that Akindele channeled the funds through Atlantic International Refinery and Petrochemical Limited 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 various Bureau de Change outlets.
The EFCC had been pursuing Akindele for several months, and he was ultimately arrested when he could no longer evade the investigation. EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide additional details.