Lagos Businessman Akindele Akintoye Granted N500 Million Bail in Fraud Case
A Federal High Court in Abuja has granted bail to Akindele Akintoye, a Lagos businessman and Chairman of Platform Capital Investment Partners Limited, at N500 million with two sureties in a like sum. Akintoye is facing prosecution by the Economic and Financial Crimes Commission (EFCC) alongside two firms for allegedly diverting $26,060,406 intended for the construction of a refinery in Brass, Bayelsa State.
Justice Emeka Nwite, in his ruling on Wednesday, acknowledged the gravity of the charges against Akintoye but decided to grant bail in the interest of justice. The judge mandated that the sureties must possess landed property within the court’s jurisdiction, with the relevant documents submitted to the Deputy Registrar of the court. Additionally, Akintoye is required to surrender his international passport to the court’s Registrar and seek permission before traveling abroad.
The case, which involves Akintoye, Platform Capital Investment Partners Limited, and Duport Midstream Company Limited, is set for trial on March 4, 2025.
Akintoye is accused of diverting significant sums of money, including $16 million between December 2020 and February 2021, which was part of funds paid by the Nigerian Content Development and Monitoring Board (NCDMB) to Atlantic International Refinery and Petrochemical Limited as an investment. Further charges detail his alleged retention of other amounts ranging from $9 million to $220,000 during the same period.
The case highlights the ongoing efforts by the EFCC to address financial crimes related to government contracts and investments.
