The Economic and Financial Crimes Commission (EFCC) on Monday, 1 December 2025, re-arraigned Akindele Akintoye before Justice Ekerete Akpan of the Federal High Court in Abuja on an amended six-count charge relating to alleged dishonesty and the conversion of $35 million under the Nigerian Content Development and Monitoring Board (NCDMB) project.
Two other defendants are named in the case: Platforms Capital Investment Partners Limited and Duport Midstream Company Limited.
Prosecution counsel, E.E. Iheanacho, SAN, told the court that the amended charge, dated 27 November 2025, had been filed and requested that it be read to the defendants so they could enter their pleas.
Counsel to the first and second defendants, E.O. Adekwu, SAN, as well as counsel to the third defendant, B.J. Akomolafe, raised no objection.
One of the counts alleges that between December 2020 and February 2021, Akindele Akintoye and Platforms Capital Investment Partners Limited “indirectly retained the sum of $16,006,000, part of funds dishonestly converted from money paid by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited, knowing that the sum constituted proceeds of unlawful activity,” contrary to Section 15(2)(d) of the Money Laundering Prohibition Act, 2011 (as amended), and punishable under Section 15(3) of the same Act.
Another count states that between December 2020 and January 2021, the same defendants “indirectly used $9,048,725, also part of funds dishonestly converted from NCDMB payments to Atlantic International Refinery and Petrochemical Limited, knowing the sum constituted proceeds of unlawful activity,” in breach of the same law.
All defendants pleaded “not guilty” to the charges.
During proceedings, the prosecution called its third witness, Isah Yusuf, who described himself as a dollar-sourcing agent who earns commissions. He said he, along with one Adeshina, occasionally provided cash dollars to the first defendant, though he met Akintoye in person for the first time at the EFCC office during the investigation.
The witness told the court that in 2021, a Zenith Bank staff member, Adeshina, contacted him about a client who wanted to swap account-held dollars for physical cash. Yusuf said he met Mrs. Bunmi, the owner of Oxygen Oil and Gas and Kensley Logistics Ltd, as well as another individual, Mr. Yunusa, who held four corporate accounts: Rochdale Logistics Ltd, Honda Manufacturing, Porkfirst Ltd, and Global Factual.
He added that the dollars were transferred to these corporate accounts and cash was delivered in dollars. “I received the dollars in cash from Oxygen Oil and Gas and Kensley Logistics Limited and the other four accounts gave him cash,” Yusuf said.
When asked about the delivery details, Yusuf confirmed that the cash deliveries were made on several occasions at Victoria Island, Lagos, and that he had stated the same in his EFCC statement.
